This Article explores the concept of “extrinsic value” for stocks. While classic finance theory holds that demand for a firm’s stock is perfectly elastic, this view of the stock market is increasingly false. The modern stock market is much more like other markets than purists might think,...

This Article contributes to the growing literature on the influence of index funds on corporate governance by providing new data on index funds' ownership, voting control, and impact on shareholder proposal outcomes. The Article first presents data on the firm ownership and voting control of the...

How should index funds vote? This difficult, fact-dependent question is more important than ever due to index funds' growing dominance. By voting one-quarter of shares at large public companies, just three index funds increasingly control American corporate governance. Nowhere is this control...

Regulating Big Tech is now a matter of intense public debate. We ask how well Big Tech companies fulfill their role as gatekeepers of the public square. We ponder whether their dominant market positions merit an antitrust response. We assess their culpability and complicity in spreading online...