The Yale Law Journal

Stephen J. Choi


How To Fix Wall Street: A Voucher Financing Proposal for Securities Intermediaries

Stephen J. Choi & Jill E. Fisch

113 Yale L.J. 269 (2003)

Securities market intermediaries reduce the collective action problem facing investors in the capital markets. Analysts provide securities research. Proxy advisory firms assist investors in determining how to vote their shares. Even shareholders bringing proxy contests can be…