Financial markets have a central role in allocating resources in modern economies. One of
the main functions of financial markets is the discovery of information. This information in …

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 …

We provide an equilibrium analysis investigating efficiency differences between private and
public firms' information generation strategies, emphasizing public firms' unique ability to …

We analyze a manager's optimal reporting strategy when choosing between a green and a
brown project in the presence of market feedback. The project's success requires the …

I analyze welfare in a model where information acquisition is endogenous, information has
real effects, and agents are rational. Hedgers derive a private benefit from holding the asset …