Democratizing Wall Street: An Evening with Professor Joseph Pacelli

In May, Professor Joseph Pacelli delivered talks in Shanghai, Hong Kong, and Singapore under the theme “Democratizing Wall Street.” The talks were organized by the HBS Club of Shanghai, the HBS Association of Hong Kong, and the HBS Club of Singapore, respectively. During the talk, he explained the sources of misinformation that investors faced in capital markets, discussed the origins of conflicts of interest, and analyzed the efficacy of new intermediaries, such as social media and technology (e.g., Robo-Analysts), in leveling the playing field between retail investors and institutional investors. In addition, he also explored the implications of misinformation for managers and discussed ways in which managers could play a more proactive role in improving their information environment with participants.