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We study the interplay between a "one person-one vote" political system and a "one share-one vote" corporate governance regime. If shareholders push firms for more pro-social policies, political backlash may arise, undoing ESG initiatives. If public policy is frictionless, shareholder...

Blockchain technology holds the promise of transforming our financial system but a key question lingers regarding whether this technology can ensure secure settlement. We develop an equilibrium model to study that question with regard to the most prominent blockchain type,...

We examine how portfolio regulations affect risk sharing between financial institutions with market power. Unconstrained access to complete markets permits flexible exploitation of market power and induces inefficient risk sharing. Appropriate portfolio restrictions counteract this, improving liquidity and risk sharing...