ABSTRACT Research Question/Issue The prominent ownership position of the Big Three
asset management firms (ie, BlackRock, Vanguard, and State Street Global Advisors) in …

ABSTRACT Research Question/Issue The passive investment (PI) trend, characterized by
the increasing inflow of investment funds into PI strategies, has resulted in an increase in the …

The SEC mandates portfolio disclosures to inform investors, but how much information they
disseminate to investors is difficult to ascertain, in part because funds trade to affect their …

We investigate whether “passive” index-tracking institutional investors (index investors)
impact the aggregation of their investee firms' geographic disclosures. We find that when …

This paper investigates how passive institutional ownership affects the optimistic bias in
analyst forecasts. Using Russell index reconstitution as an exogenous shock to passive …

While prior research argues that individual investors benefit from a switch to passive
investment in index funds (French 2008, Bond and García 2022), higher levels of index fund …

While prior research argues that individual investors benefit from a switch to passive
investment in index funds (French 2008, Bond and García 2022), higher levels of index fund …

The growth of passive index funds has fueled an ongoing debate about the governance
impact of passive funds. Motivated by the theoretical framework in Corum, Malenko, and …

We investigate the association between passive investment and share repurchases, both at
historically high levels and the subject of scrutiny. We first document that firms with more …