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.
Looser information controls increase market discipline but can harm real efficiency.
