Library

Companies mentioned:

BP, Chevron, ConocoPhillips, Enel, Engie, ENI, E.ON, Equinor, Exxon Mobil, Iberdrola, Marathon, Occidental Petroleum, Phillips 66, Repsol, Saudi Aramco, Shell, Total Energies, Valero

Documents:

Articles of Association Bylaws Proxy Statements and Votings

Specific Documents on Energy Transition

BP (2023, 2024) From IOC to IEC; Net Zero Ambition: Progress Update

Chevron (2023) Advancing Energy Progress: Climate Change Resilience Report

ConocoPhillips (2022-2023) Plan for the Net-Zero Energy Transition: Progress Report

Enel (2022, 2023) Zero Emission Ambition; Sustainability Report

Engie (2022, 2023, 2024) Integrated Reports; Climate Reports

ENI (2023) For A Just Transition

E.ON (2023) Integrated Annual Report: It´s on us

Equinor 2022, 2023) Energy Transition Plan; The Equinor Book; Integrated Annual Report

Exxon Mobil (2024) Advancing Climate Solutions

Iberdrola (2023) Sustainability Report; Purposes and Values of the Iberdrola Group

Marathon (2023) Perspectives on Climate-Relate Scenarios: Risk and Opportunities

Occidental (2023) Climate Report: Leading the Way in Carbon Management

Phillips 66 (2024) Sustainability and People Report

Repsol (2023, 2024) Integrated Management Report; Global Sustainability Plan

Saudi Aramco (2022) Investing in Growth, Innovating for Sustainability

Shell (2021, 2024) Energy Transition Strategy; Energy Transition Progress Report

Total Energies (2022, 2023) Company Strategy; Sustainability & Climate – Progress Report

Valero (2023) ESG Report

Other Papers, Reports and Books:

Bebchuk, L., Kastiel, K., Tallarita, R. (2021) For Whom Corporate Leaders Bargain. Southern California Law Review.

Bebchuk, L., Kastiel, K., Tallarita, R. (2022) Does Enlighted Shareholder Value Add Value? Harvard Law School, Discussion Paper n. 1077.

Bebchuk, L., Tallarita, R. (2020) The Illusory Promise of Stakeholder Governance

Bebchuk, L., Tallarita, R. (2022) Will Corporations Deliver Value to All Stakeholders? Harvard John M. Olin Center for Law, Economics, and Business, Discussion Paper n. 1078.

Condon, M. (2023) What´s Scope 3 Good For? University of California, Davis, vol 56:1921.

Davies, P. (2023) Shareholder Voice and Corporate Purpose: The Purposelessness of Mandatory Corporate Purpose Statements. ecgi, Law Working Paper n. 666.

Freshfields (2024) Trends and Updates from the 2024 Proxy Season

Friedman, M. (1962) Capitalism and Freedom. The University of Chicago Press.

Friedman, M. (1970) The Social Responsibility of Business Is to Increase Its Profits. The New York times.

Gatti, M., Gomtsian, S. & Romano, A. (2024) Corporate Governance for Carbon Majors. ecgi, Working Paper n. 787.

Gen, G. (2024) ESG, Externalities, and the Limits of the Business Judgement Rule: TEPCO Derivative Suit on Fukushima Nuclear Accident and the Expansion of Caremark. ecgi, Law Working Paper n. 780.

Gowan, J. (2024) To Survival Legal Challenges, SEC Must Remove Scope 3 From Sustainability Reporting Rule. Bloomberg Finance.

Hart, O. & Zingales, L. (2017) Companies Should Maximize Shareholder Welfare Not Market Value. Journal of Law, Finance, and Accounting, 2.

& Zingales, L. (2022) The New Corporate Governance. University of Chicago Business Law Review, vol 1, Issue 1.

Humphrey, J. et al. (2021) The Asymmetry in Responsible Investment Preferences. NBER, Working Paper 29288.

IEA - International Energy Association (2023a) Net Zero Roadmap – A Global Pathway to Keep the 1.5oC Goal in Reach.

IEA - International Energy Association (2023b) Energy Outlook 2023

IEA - International Energy Association (2023c) Global Energy Transitions Stocktake -https://www.iea.org/topics/global-energy-transitions-stocktake

IPCC – The Intergovernmental Panel on Climate Change (2018) Special Report on Global Warming of 1.5oC

Justia Law (1919) Dodge x Ford US Michigan Supreme Court Decisions 170 N.W. 688

Lan, L., Wan, W. (2024) ESG and Director´s Duties: Defining and Advancing the Interests of the Company. ecgi, Working Paper no 737.

Mayer, C. (2018) Prosperity: Better Business Makes the Greater Good. Oxford University Press.

Mayer, C. (2022) What is Wrong with Corporate Law? The Purpose of Law and the Law of Purpose. ECGI Working Paper n. 649/2022.

Promarket Writers (2016) Unusual Debate at Davos: Lobbying, Maximizing Shareholder Value and the Duty of CEO’s. Apr 1, 2016.

Promarket (2020) Milton Friedman 50 Years Latter. Stilger Center at the University of Chicago Booth School of Business.

Rajan, R., Ramella, P., Zingales, L. (2023) What Purpose Do Corporations Purport? Evidence From Letters to Shareholders. NBER, Working Paper 31054.

Roe, M. (2021) Dodge x Ford: What Happened and Why? ecgi, Law Working Paper n. 619

Royal Courts of Justice of England and Wales – RCJEW (2023) ClientEarth x Shell. Case no: BL-2023-000215

Smil, V. (2024) Halfway Between Kyoto and 2050: Zero Carbon is a Highly Unlikely Outcome

WRI & WBCSD – World Resources Institute and World Business Council for Sustainable Development (2001) Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard

U.S. Department of Labor (2022) US Department of Labor Announces Final Rule to Remove Barriers to Considering Environmental, Social, and Governance Factors in Plan Investments - https://www.dol.gov/newsroom/releases/ebsa/ebsa20221122

U.S. Supreme Court (2014) Fifth Third Bancorp x Dudenhoeffer, 573 US 409.

Asness, C. (2024) The less-efficient market hypothesis. Forthcoming in the 50th Anniversary of the Journal of Portfolio Management.

Asness, C. (2023) No one would call Warren Buffett a Quant. Interview for Bloomberg Wealth and David Rubenstein, recorded on Apr, 24th.

https://www.youtube.com/watch?v=T8ehhjPpoHk

Bank of America (BofA, 2025) Thematic Investing: The world in 2030, jan25

Bebchuk, L., Hirst, S. (2019) The specter of the giant three. ecgi, Finance Working Paper n. 608/2019

Bebchuk, L., Hirst, S. (2020) Index funds and the future of corporate governance: theory, evidence and policy. Ecgi, Law Working Paper n. 433/2018

Beck, P., Bouchaud, JP, Villamaina, D. (2024) Ponzi funds. https://ssrn.com/abstract=4834390

Beggs, W., Brogaard, J., Hill-Kleespie, A. (2019) Quantitative Investing and Market Instability.

Electronic copy available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3281447

Bender, M., Claphan, B., Scwemmhein, B. (2024) Shifting volumes to the close: consequences for price discovery and market quality.

Biais, B. & Foucault, T. (2014) HFT and Market Quality. Bankers, Markets & Investors n. 128, jan-fev14.

SSRN https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4757345

Berkin, A., Swedroe, L. (2016) Your Complete Guide to Factor-Based Investing. Bam Alliance Press.

Bernstein, P. (1999) The Velocity of Learning and the Future of Active Management. Economics and Portfolio Strategy.

Bouchaud, JP., Bonart, J., Donier, J., Gould, M. (2018) Trades, Quotes and Prices. Financial Markets under the Microscope. Cambridge University Press.

Bouchaud, JP (2021) The inelastic market hypothesis: a microstructural interpretation. https://ssrn.com/abstract=3896981

Bouchaud, JP (2022) Post at Linkedin

https://www.linkedin.com/posts/jean-philippe-bouchaud-bb08a15_markets-microstructure-noise-activity-7009627137687044096-Zcm0/

Brasil, Bolsa, Balcão, (B3, 2024) Pessoas Físicas – Uma análise da evolução dos investidores na B3. Set24

Brav, A., Mlenko, A., Malenko, N. (2023) Corporate Governance implications of the passive growth in indexing. ecgi, Finance Working Paper n. 849/2023

Buffett, W. (2017) Berkshire Hathaway, Shareholders Letter 2016

Business Wire, (2018) Index Industry Association Surveys the Index Universe

Chen, K., Heater, J. (2024) Passive funds, ownership dynamics, and corporate governance.

Cochrane, J. (2011) Discount Rates. NBER, Working Paper 16972

Comissão de Valores Mobiliários CVM(2021) Ofertas RLP–Nova Proposta para expansão do programa experimental. Ofício Interno n. 33/2021/CVM/GMA-2

Cox, R., Kamolsareeratana, A., Kouwenberg (2020) Compulsive Gambling in the Financial Markets: Evidence from Two Investors Survey. Journal of Banking and Finance 111

Doherty, K. (2025) Wall Street enters a darker age with most stock trading hidden, Bloomberg, 24. Jan.25.

Dynamo (2012) Carta Dynamo 73, ¼ 2012

Fisch, J., Hamdani, A., Solomon, S. (2020) The new titans of Wall Street: a theoretical framework for passive investors. ecgi, Law Working Paper n. 414/2018

Gabaix, X., Koijen., X. (2021) In search of the origins of financial fluctuations: the inelastic market hypothesis. NBER, working paper 28967

GMO (2024) FAQ: Passive Investing, Quarterly Letter 2Q2024

Haddad, V., Huebner, P., Loualiche, E. (2024) How competitive is the stock market? Theory, evidence from portfolios, and implications for the rise of passive investing.

Harford, J. (2017) Why the world's biggest investor backs the simplest investment. BBC Radio World Service, 50 Things That Made the Modern Economy

Hofner, P., Schlag, C., Schmeling, M. (2023) Passive investing and market quality

Ilmanen, A. (2022) Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least. John Wiley & Sons

International Monetary Fund (2024) Global Stability Financial Report. Steadying the Course: Uncertainty, Artificial Intelligence, and Financial Stability. Oct, 2024.

Kirilenko, A., Kylw, A., Samadi, M., Tuzun, T. (2014) The Flash Crash: The Impact of High Frequency Trading on an Electronic Market.

Kumar, A. (2009) Who gambles in the stock market? The journal of finance jul2009.

La Roche, J. (2016) 20 years ago, Bill Ackman asked Warren Buffett and Charlie Munger about a risk the market faces today. Yahoo!finance

Morningstar (2024) Morningstar´s US Actice/Passive Barometer. Sep24

Nahar, J., Nishat, N., Shoaib, A., Hossain, Q. (2024) Market efficiency and stability in the era of HFT: a comprehensive review. ResearchGate jun24.

Pedersen, L. (2018) Sharpening the arithmetic of active management. Financial Analysts Journal, 74 (1)

(2018) The (mis)uses of the S&P 500. The University of Chicago Business Law Review (vol2) https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3205235

Robertson, A. (2019) Passive in name only: delegated management and “index” investing https://ssrn.com/abstract=3244991

Sharp, W. (1991) The arithmetic of active management, Financial Analysts Journal 47 (1)

Slimmon, A., Delany, L. (2018) Quantamental Investing: The Future is Now. Morgan Stanley Investment Management, May, 2018.,

Surowiecki, J. (2004) The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations,

Udland, M. (2017) Jack Bogle envisions 'chaos, catastrophe' in markets if everyone were to index. Yahoo!finance

Wigglesworth, R. (2021) Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever. Portfolio/Penguin.

Zhang, F., Powell, S. (2011) The impact of HFT on markets. CFA Magazine, mar/apr2011.