We examine the impact of firms’ voluntary climate disclosure on the stock market’s reaction to climate change policy. Using the Paris Agreement as an exogenous shock to climate policy and novel measures of climate-related disclosure developed in recent literature, we find that...

The paper provides an empirical investigation of directors' ownership in the mutual fund industry. Our results show that, contrary to anecdotal evidence, a significant portion of directors hold shares in the funds they oversee. Moreover, ownership patterns are broadly consistent with the an...