Using a large cross-sectional dataset comprising of FTSE 350 listed firms, this study
investigates whether superior environmental, social and corporate governance (ESG) …

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

This paper shows that real decisions depend not only on the total amount of information in
prices, but the source of this information—a manager learns from prices when they contain …

Mandatory disclosure provides benefits, but it also entails costs. One cost concerns
managerial learning: by discouraging informed trading, disclosure could reduce managers' …

The rising concerns about climate change and environmental degradation have urged
various stakeholder to focus on sustainable investments that are facing a drag from the …

Modern information technologies have fundamentally changed how information is
disseminated in financial markets. Using the staggered implementation of the EDGAR …

We study real-efficiency implications of disclosing public information in a model with multiple
dimensions of uncertainty where market prices convey information to a real decision maker …

We model the strategic interaction between fundamental investors and “back-runners,”
whose only information is about the past order flow of fundamental investors. Back-runners …

Liquidity providers often learn information about an asset from prices of other assets. We
show that this generates a self-reinforcing positive relationship between price …

The purpose of this paper is to examine the dynamic relationship between retail investor
attention and stock liquidity. Using high-frequency data for China's stock market, we find that …