Over nearly a quarter of a century, exchange-traded funds (ETFs) have become one of the
most popular passive investment vehicles among retail and professional investors because …

We develop a framework to theoretically and empirically analyze the fluctuations of the
aggregate stock market. Households allocate capital to institutions, which are fairly …

Exchange-traded funds (ETFs) belong to the fastest growing investment products worldwide.
Within 15 years, total assets invested in ETFs have twenty-folded, reaching over $3.7 trillion …

We identify factors affecting the Japanese stock market during the COVID-19 pandemic
period. First, we focus on the ownership structure. We find that indirect ownership through …

Combining monthly survey data with matching trading records, we examine how individual
investor perceptions change and drive trading and risk-taking behavior during the 2008 …

The returns of short-term reversal strategies in equity markets can be interpreted as a proxy
for the returns from liquidity provision. Using this approach, this article shows that the return …

We connect stocks through their common active mutual fund owners. We show that the
degree of shared ownership forecasts cross‐sectional variation in return correlation …

This paper revisits the relationship between firm performance and CEO turnover. Instead of
classifying turnovers into forced and voluntary, we introduce performance-induced turnover …

Does private equity (PE) contribute to financial fragility during economic crises? The
proliferation of poorly structured transactions during booms may increase the vulnerability of …

We propose a novel way of measuring the equity portfolio-level environmental and social
characteristics of a 13F institution (the “sustainability footprint”) and examine the relation …