This research explores the impact of environmental, social, and governance (ESG)
performance on capital market performance in terms of stock liquidity. We establish that …

This study investigates the mechanisms through which the executive pay gap affects the
disclosure of environmental, social, and governance (ESG) information. Utilizing panel data …

We explore through both an economics and regulatory lens the frictions associated with
credit rating agencies in the aftermath of the financial crisis. While ratings and other public …

In models of certification, possible restrictions on the nature of the fee structures are
commonly analyzed. We show that they are irrelevant for the certifier's ability to maximize …

For markets to work, buyers must know when products are of high quality. This paper
provides a theoretical framework for studying the consequences of the certifier's identity, the …

A rater is paid by a seller, observes a signal about the seller's product, and issues a public
cheap-talk rating for potential buyers. I characterize the partition of the rater's information into …

I compare the efficiency of different equilibria reached in a credit rating game that allows for
communication between the issuer and two credit rating agencies (CRAs) prior to disclosing …

I show that competition can be harmful between credit rating agencies even when investors
are rational and issuers disclose all their ratings. In my model, agencies cannot commit to …

This paper studies the persuasion of a receiver who accesses information only if she exerts
costly attention effort. A sender designs an experiment to persuade the receiver to take a …

This paper models the effect of rating agency competition on the quality of rated securities.
The quality of the securities is unknown. In each of two periods, an issuer exerts …