Voting on Public Goods: Citizens vs Shareholders

We are grateful to Pat Akey, Adelina Barbalau, Ilya Beylin, Alon Brav, Briana Chang, Jason Donaldson, Simon Gervais, Deeksha Gupta, Sehoon Kim, Julian Koelbel, Alexandr Kopytov, Jan Krahnen, Ali Lazrak, John Matsusaka, Marcus Opp, Nicola Persico, Alessio Piccolo, Yasmine van der Straten, Josef Zechner, participants at the Holden Conference in Finance, Real Estate and Pacific Northwest Finance Conference, Stigler Center-CEPR Political Economy of Finance Conference, OU-RFS Climate and Energy Finance Research Conference, Owners as Strategists Conference, Rice Mini-Conference in Economic Theory, ASU Sonoran Winter Finance Conference, UBC Winter Finance Conference, and seminar participants at the University of Vienna, Imperial College London, University of Luxembourg, UNSW, University of Sydney, ANU, Monash, Deakin, University of Melbourne, Duke, University of Ghent, University of Exeter, University of Bristol, Erasmus University Rotterdam, University of Calgary, CUHK, HKUST, CityU, HKU, CUHK-Shenzhen, WE ARE Seminar Series, Vienna Graduate School of Finance, ESSEC, and Boston University for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• June 20, 2024