This survey examines the vibrant academic literature on environmental, social, and
governance (ESG) investing. While there is no consensus on the exact list of ESG issues …

The rapid growth in index funds and significant consolidation in the asset-management
industry over the past few decades has led to higher levels of common ownership and …

Passively managed index funds now hold over 30 of US equity fund assets; this shift raises
fundamental questions about monitoring and governance. We show that, relative to active …

We derive a measure that captures the extent to which common ownership shifts managers'
incentives to internalize externalities. A key feature of the measure is that it allows for the …

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 …

Environmental and social (ES) funds in non-ES families must balance incorporating the
stakeholders' interests they advertise and maximizing shareholder value favored by their …

We identify analysts' information acquisition patterns by linking EDGAR (Electronic Data
Gathering, Analysis, and Retrieval) server activity to analysts' brokerage houses. Analysts …

We present the first comprehensive study of mutual fund voting in proxy contests. Among
contests where voting takes place, passive funds are 10 percentage points less likely than …

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 …

In this study, we examine whether investors' actions to acquire accounting information are
predictive of future firm performance because these actions partially reveal investors' private …