Working Papers
When firms choose whether to adopt green projects based on their stock price, more disclosure can discourage investment and decrease welfare.
Trading by a Q-learner generates stochastic volatility and predictable returns and can lead to higher average investor utility.
Trading volume, loan fee and price dynamics around public announcements are informative about the nature of disagreement across investors.
When uncertainty about liquidity trading is sufficiently high, strategic traders may be better under competition than under collusion.
Wishful thinkers agree to disagree about public information when strategic considerations are important.
Stronger whistleblower incentives reduce misconduct but can harm real efficiency.
Entrepreneurs take less risk when VCs are friendlier.
