Information production by shareholders is of fundamental importance for the efficiency of proxy voting. We propose a stock-return based measure to capture informed voting. Our measure, the vote alpha, quantifies the extent to which a shareholder votes in the direction that the market perceives...

Entry into the patent system is guarded by an examination process to screen out applications that impose undue costs on the public without commensurate benefit. To do this, patent examiners rely heavily on various pieces of information—both provided by the patent applicant and independently...

This paper studies how partial information regarding the true number of infected affects optimal mitigation and testing policies during the COVID-19 pandemic. We start by documenting two motivating observations which highlight the value of information: First, an overreaction in mitigation at the...