We study whether investor voice can help address global externalities under fragmented regulation. In our setting, a multinational firm generates externalities across jurisdictions, national regulators face political frictions that can impede corrective regulation, and policy differences create scope for regulatory arbitrage and production leakage. We compare two channels of investor influence: corporate stewardship, which affects firms' global operations, and policy advocacy, which affects local regulation....

Generative AI has the potential to transform corporate innovation, but intellectual property (IP) created without sufficient human input is ineligible for protection by IP systems. We model a firm’s choice of AI versus human-capital use when investing in innovation, with IP protection granted based on a noisy signal of human-capital use. We derive a sufficient statistic for the IP policy’s effect on incentives and characterize...