information aggregation

    Papers & Opinions


    Paper


    Posted on 3 August 2025

    We model stakeholder-driven institutional divestiture that promotes harmful-asset stranding through both an economic exposure channel and financial prices. We introduce two novel mechanisms. First, institutional divestiture weakens stakeholders' asset exposures,...

    Paper


    Posted on 22 October 2021

    We study firm governance when shareholders strategically vote and buy/sell shares. We find that voting for the better policy maximizes portfolio value only when pivotal; otherwise, it is better to...