Exploiting the fact that insiders trade for a variety of reasons, we show that there is
predictable, identifiable “routine” insider trading that is not informative about firms' futures. A …

Using a novel database that tracks web traffic on the Security Exchange Commission's
EDGAR server between 2004 and 2015, we show that institutional investors gather …

We study how the presence of short sellers affects the incentives of the insiders to trade on
negative information. We show it induces insiders to sell more (shares from their existing …

This study identifies a new economic benefit of common institutional ownership, which refers
to the increasingly contentious phenomenon of US firms sharing stockholders with their …

Recent models and the popular press suggest that large groups of hedge funds follow
similar strategies resulting in crowded equity positions that destabilize markets. Inconsistent …

In a comprehensive sample of mergers and acquisitions, we find a reference price effect:
acquirers earn higher (lower) announcement-period returns when their pre-announcement …

This paper investigates the role of institutional trading in the emergence of hedge fund
activism—an important corporate governance mechanism. We demonstrate that institutional …

We provide the most comprehensive study of market participation to date. We assess the
informativeness of 9 different participants' trades, and how each participant's trades relate to …

I examine whether corporate managers learn from institutional investors through direct
interactions at investor conferences. I find that managers seek more direct interactions with …

Mutual funds experiencing large outflows (inflows) tend to decrease (expand) their positions,
creating downward (upward) price pressure in the stocks held in common by them (Coval …