id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-8635	Coffee, John C.	The Future of Disclosure: ESG, Common Ownership, and Systematic Risk	2022	49	.pdf	application/pdf	19465	855	53	THE FUTURE OF DISCLOSURE 619 This activism of diversified institutional investors on ESG issues contrasts sharply with their general passivity on firm- specific business issues, and this disparity can only be ex- plained in one way: diversified institutional investors are deeply concerned about whether the market is accurately in- corporating climate-change-related risks into asset prices.46 (3) Because of the high level of common ownership among diversified institutional investors, these in- vestors can potentially profit on a portfolio-wide ba- sis by taking actions that seek to reduce externali- ties.	cache/cblr-8635.pdf	txt/cblr-8635.txt