The COVID-19 shock and its unprecedented financial consequences have brought about
vast uncertainty concerning the future of climate actions. We study the cross-section of stock …

We find that stock liquidity increases stock price crash risk. To identify the causal effect, we
use the decimalization of stock trading as an exogenous shock to liquidity. This effect is …

We study the effect of investor horizons on a comprehensive set of corporate decisions. We
argue that monitoring by long-term investors generates decision making that maximizes …

We study the effect of corporate social responsibility (CSR) on shareholder value. We argue
that long-term investors can ensure that managers choose the amount of CSR that …

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 …

This paper shows that during episodes of market turmoil, 13F institutional investors with
short trading horizons sell their stockholdings to a larger extent than 13F institutional …

Firms headquartered in more corrupt US environments (states) provide higher payouts to
their shareholders. Our results are robust to, for example propensity score matching …

This paper investigates whether or not shareholders benefit from corporate social
responsibility (CSR) by studying the effect of institutional investors on CSR. After all, arguing …

This paper demonstrates that investor base composition is an important determinant of bond
price dynamics and capital allocation outcomes in response to aggregate credit cycle …

A widely held view among policymakers, corporate executives and the media is that short-
termism among institutional investors is increasingly prevalent. However, some institutional …