Postdoctoral researcher Markus Parlasca won the Best Paper Award for his paper “Voting and Trading on Public Information”, co-authored with Paul Voss, at the 12th Cambridge Corporate Finance Theory Symposium from 26 to 27 September 2025 in Cambridge, UK.
The paper examines how the release of public information affects shareholder decision-making. Parlasca and Voss develop a theoretical framework in which investors can both vote on corporate proposals and trade shares prior to the vote.
The authors show that public information helps uninformed shareholders cast more informed votes. However, it can also induce privately informed investors to trade on their knowledge rather than participate in the vote. As a result, the voting process may aggregate less information, potentially leading to less efficient corporate decisions. The study reveals that greater transparency does not always enhance governance outcomes and highlights important trade-offs between market liquidity and informed voting.
Parlasca joined the Financial Intermediation team in September as a one-year Postdoctoral Fellow. To spend this time at SAFE, he is on leave from his position as Assistant Professor of Finance at the WU Vienna University of Economics and Business. He completed his bachelor’s degree in Economics at Cambridge University and holds a master’s degree in Economics from the University of Oxford where he also earned his PhD in Economics.
Group photo by: CCFin (Cambridge Centre for Finance) - Research Centre Funded by CERF Cambridge Endowment for Research in Finance
Dr. Markus Parlasca
Postdoctoral Researcher
