priscilla

• 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 analise 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 Mobiliarios 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 worlds 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.

• 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 CEOs. 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.

• BCG (Boston Consulting Group), 2022. Brazil Climate Report: Seizing Brazil´s Climate Potential. Brazil Climate Summit, Sep22.
• Chausson, A. et al. (2020) Mapping the effectiveness of nature-based solutions fir climate change adaptation. Glob Change Biol, 2020,26.
• GCCSI (Global Carbon Capture and Storage Institute), 2022. Global Status of CCS 2022: Ambition & Action.
• European Commission, 2021. Evaluating the Impact of Nature-based Solutions: A Handbook for Practitioners. Directorate-General for Research and Innovation.
• Girardin, C. et al. (2021) Nature-Based Solutions can help cool the planet – if we act now. Nature, vol 593, May21.
• IBRD (International Bank for Reconstruction and Development/The World Bank), 2021. A Catalogue of Nature-Based Solutions for Urban Resilience.
• IEA (International Energy Association), 2020. Energy Technology Perspectives 2020: Special Report on Carbon Capture Utilisation and Storage, CCUS in clean energy transition.
• IEA (International Energy Association), 2021. Net Zero by 2050: A Roadmap for the Global Energy Sector. Revised edition, Oct21.
• IEA (International Energy Association), 2022. Legal and Regulatory Frameworks for CCUS: An IEA CCUS Handbook.
• IEF (International Energy Forum), 2021. Strategies to Scale Carbon Capture, Utilization and Storage. Dialogue Insight Report, Sep21.
• Ketzer, J., org. (2018) Atlas Brasileiro de Captura e Armazenamento Geológico de CO₂. GCCSI, ediPUCRS.
• Kleidon, A. (2021) What limits photosynthesis? Identifying the thermodynamic constraints of
• the terrestrial biosphere within the Earth system. BBA- Biogenetics, 1862 (2021) 148303.
• Liu, Z. et al. (2023) Monitoring global carbon emissions in 2022. Nature Reviews Earth & Environment. Vol 4, Apr23.
• Samaniego, J. et al. (2022) Nature-Based Solutions and Carbon Dioxide Removal. Economic Commission for Latin America and the Caribbean (ECLAC). United Nations publication.

• Berry, C. (1978) Alternative Dimensions of Corporate Diversification: An Entropy Approach, Centre de Recherches Interdisciplinaires Droit-et-Economie, Institut des Sciences Economiques.
• Bezos, J. (2011 e 2013) Letter to Shareholders.
• Bodell, L. (2017) Why Simple Wins: Escape the Complexity Trap and Get to Work That Matters. Bibliomotion.
• Bratianu, C. (2019) Exploring Knowledge Entropy in Organizations. Management Dynamics in the Knowledge Economy, vol 7, n.3.
• Cohen, J. & Stewart, I. (1994) The Collapse of Chaos: Discovering Simplicity on a Complex World. Penguin Books.
• Collison, S. & Jay, M. (2012) From Complexity to Simplicity: Unleash your Organization Potential. Palgrave Macmillan.
• DeMarco, T. & Lister, T. (1979) Peopleware: Productive Projects and Teams. Addison-Wesley.
• Eckart, P. (2020) Simplicity for Success in Business – Essentials: The Best of Silicon Valley and McKinsey.
• Gill, G. (2020) Complexity, Information Technology and Strategic Decision-Making. Lectures:
• https://www.youtube.com/watch?v=jfinHCX0jyc&t=1646s

Gribbin, J. (200) Deep Simplicity: Bringing Order to Chaos and Complexity. Random House, NY.

Hastings, R. (2009) Netflix Culture: Freedom & Responsibility.

• https://www.slideshare.net/reed2001/culture-1798664

Hershey, D. (2010) Entropy Theory of Aging Systems: Humans, Corporations and the Universe. Imperial College Press.

• Hobsbawm, J. (2020) The Simplicity Principle: Six Steps Towards Clarity in a Complex World.
• Hock, D. (2005) One From Many: VISA and the Rise of Chaordic Organization. Berrett-Koehler Publishers, Inc. San Francisco, CA.

Klein, J. (2000) Corporate Fail by Design: Why organizations Are Built to Fail. Quorum Books, Westport (CO), London.

Kniberg, H. (2014) Spotify engineering culture. https://www.youtube.com/watch?v=4GK1NDTWbkY

Leonard, M. (2015 e 2021) Constellation Software, Inc.: To Our Shareholders.

• Maeda, J. (2006) The Laws of Simplicity: Design, Technology, Business, Life
• Martinez-Berumen, H. et al. (2014) Developing a Method to Evaluate Entropy in Organizational Systems. Conference on Systems Engineering Research, ScienceDirect.
• Morin, E. (2008) On Complexity. Hampton Press, Inc., New Jersey.
• Rycrft, R. & Kash, D. (2004) Self-Organizing Innovation Networks: Implications for Globalization. Techovation, 24 0(3), mar,2004.
• Siegel, A. & Etzkorn, I. (2013) Simple: Conquering the Crisis of Complexity. Twelve, NY, Boston.
• Silverberg, G. (2007) Self-Organization of R&D search in complex technology space. Journal of Economic Interaction and Coordination, ResearchGate, feb.2007.
• Taleb, N. (2014) Antifragile: Things That Gain from Disorder. Random House, NY.
• Wheatley, M. & Kellner-Rogers, M. (1996) A Simpler Way. Berrett-Koehler Publishers, Inc. San Francisco, CA.

• Bebchuk, L. & Hirst, S. (2020) Index funds and the future of corporate governance: theory, evidence and policy. ecgi, working paper n. 433/18.
• Bebchuk, L. & Kastiel, K. (2019) The perils of small-minority controllers. Harvard Law School, discussion paper n. 895.
• Bernstein Litowitz Berger & Grossmann LLP (2018) When one share does not mean one vote: the fight against dual-class capital structures. Lexology.
• Carvalhosa, M. (1998) Comentários à lei das Sociedades Anônimas. Editora Saraiva.
• Cheffins, B. (2012) The History of corporate governance. ecgi, working paper n. 184/12.
• Choi, A. (2016) Concentrated ownership and long-term shareholder value. Harvard Business Law Review, vol. 8.
• Coates, J. (2018) The Future of Corporate governance part I: the problem of twelve. Harvard Law School.
• Dyck, A. & Zingales, L. (2002) Private benefits of control: an international comparison. NBER working paper series.
• Franks, J. & Mayer, C. (2017) Evolution of ownership and control around the world: the changing face of capitalism. ecgi, working paper n. 503/17.
• Franks, J. (2020) Institutional ownership and governance. ecgi, working paper n. 656/20.
• Gilson, R. (2005) Controlling shareholders and corporate governance: complicating the comparative taxonomy. ecgi, working paper n. 49/05.
• Gilson, R. (2016) From corporate law to corporate governance. ecgi, working paper n. 324/16.
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• Gilson, R. & Schwartz, A. (2014) Corporate control and credible commitment. Cópia eletrônica disponível em: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2182781#
• Goshen, Z. & Hamdani, A. (2016) Corporate control and idiosyncratic vision. The Yale Law Journal.
• Goyder, M. & Zimmerman, H. (2010) Tomorrow´s corporate governance: bridging the UK engagement gap through Swedish-style nomination committees. Center for Tomorrow´s Company.
• Kim, H. & Michaely, R. (2019) Sticking around too long? Dynamics of the benefits of dual-class voting. Swiss Finance Institute. Research paper series n. 19-09.
• La Porta, R. et al. (1996) Law and finance. NBER Working Paper n. 5661.
• Lekvall, P. (ed.) (2014) The Nordic corporate governance model. SNS Forlag.
• Pargendler, M. (2016) The corporate governance obsession. The Journal of Corporation Law, vol. 22:2.
• Pargendler, M. (2019) Controlling shareholders in the twenty-first century: complicating corporate governance beyond agency costs. ecgi, working paper n. 483/19.
• Kim, H. & Michaely, R. (2019) Sticking around too long? Dynamics of the benefits of dual-class voting. Swiss Finance Institute. Research paper series n. 19-09.

• Bolton, P. et al. (2020) The green swan. Central banking and financial stability in the age of climate change. Bank for International Settlements.
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• Centro Brasileiro de Relações Internacionais, CEBRI (2021) Mercado de carbono e artigo: perspectivas para a área florestal. Núcleo Meio Ambiente e Mudança do Clima, evento online ago, 2021.
• Centro Brasileiro de Relações Internacionais, CEBRI (2021) As soluções baseadas na natureza (NBS) & green finance: o papel do Acordo de Paris. Núcleo Meio Ambiente e Mudança do Clima, evento online set, 2021.
• Centro Brasileiro de Relações Internacionais, CEBRI (2021) Mudança climática, governos e o setor financeiro: o caminho a seguir. Uma conversa com Mark Carney. Núcleo Meio Ambiente e Mudança do Clima, evento online dez, 2021.
• Centro de Debates de Políticas Públicas, CDPP. (2021) Mudanças Climáticas e a Precificação de Carbono. Desafios e Oportunidades de Mercados de Carbono no Brasil. Relatório Completo, out21.
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• Cramton, P., et al. (ed.), (2017). Global Carbon Pricing: The Path to Climate Cooperation. The MIT Press.
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• Goldie-Scot, L. (2019) A Behind the Scenes Take on Lithium-ion Battery Prices. BloombergNEF, mar-2019.
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