With the recent meltdown of the U.S. economy, there is no shortage of blameworthy corporate directors and managers. But this Essay focuses on another significant dimension of the current crisis: the crucial role of lawmakers and the need to reform the reformers. In a sense, corporate governance...

Asymmetric information can distort market outcomes. I study how the online disclosure of information affects consumers' behavior and firms' incentives to upgrade product quality in markets where information is traditionally limited. I first build a model of consumer search with firms' endogenous...