We compile a novel data set on mandatory environmental, social, and governance (ESG)
disclosure around the world to analyze the stock liquidity effects of such disclosure …

We study how environmental, social and governance (ESG) investing reshapes information
aggregation by prices. We develop a rational expectations equilibrium model in which …

In this study, we examine the equilibrium effects of ESG quality disclosure in both voluntary
and mandatory regimes. A firm manager makes a private investment decision in an …

This paper examines the impact of Environmental, Social, and Governance (ESG) disclosure
on firm investment. We identify conditions under which ESG disclosure is needed to channel …

Using SASB's materiality framework, prior research finds alpha for the portfolio of firms with
improving ratings on material ESG issues. We replicate this finding and provide a …

Using a model where firm managers can influence the entire distribution over financial and
ESG outcomes, we examine how ESG activities can be motivated through 1) contracts, 2) …

In this paper, I model how climate risk disclosure affects investors' ability to use the financial
market to share climate risk. In stark contrast to the Hirshleifer effect, when investors face …

Interest in sustainability information, from investors, managers, researchers, and others, has
been expanding rapidly. We discuss recent advances and open questions related to …

We study how environmental, social, and governance (ESG) investing reshapes investors'
information-searching decisions. We develop a rational expectations equilibrium (REE) with …

Using a price-theoretic framework, we derive and empirically test a fundamental demand
force shaping firms' public disclosure decisions. Our framework suggests that the number of …