We study the relative effectiveness of exit (divestment and boycott) and voice (engagement)
strategies in a world where companies generate externalities and some agents care about …

Scholars and civil society have argued that competition erodes supplier morality. This paper
establishes a robust irrelevance result, whereby intense market competition does not crowd …

This study theoretically examines the effect of common ownership on emission levels when
firms can use environmental CSR as a commitment device to soften competition …

Petroleum companies look for oil and gas in some of the most remote and biodiverse
forested areas on the planet. To study how local environmental footprints vary across …

We study the conditions under which debt securities that make the cost of debt contingent on
the issuer's carbon emissions, similar to sustainability-linked loans and bonds, can be …

Activist nongovernmental organizations (NGOs) increasingly oppose firms' practices. We
suggest this might be related to the vulnerability of public regulation to corporate influence …

Environmental groups play independent and pivotal functions in economic outcomes. Total
revenues of US groups have matched or exceeded the EPA's budget for all but one year …

This paper examines a private politics environment in which a confrontational activist and a
cooperative activist face a profit-maximizing firm and a self-regulating firm. The environment …

In trading the preeminent risk-free security, the $21 trillion US Treasury market supports the
country's borrowing needs, financial stability, and investor appetite for a safe asset …

A major concern regarding sustainable investing is that it may crowd out political support for
government interventions targeting negative externalities. We test the validity of this concern …