This paper reviews the literature examining how costs of monitoring for, acquiring, and
analyzing firm disclosures–collectively,“disclosure processing costs”–affect investor …

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 …

This paper examines the role of the “Big Three”(ie, BlackRock, Vanguard, and State Street
Global Advisors) on the reduction of corporate carbon emissions around the world. Using …

The past two decades have seen a significant shift from active to passive investment
strategies. We examined how this shift affects financial stability through its impacts on (1) …

This paper investigates the effect of exchange-traded funds'(ETFs') activity on the short-run
informational efficiency of their underlying securities. We find that ETF activity increases …

The interplay between investors' demand and providers' incentives has shaped the
evolution of exchange-traded funds (ETFs). While early ETFs invested in broad-based …

Stocks that are fundamentally connected with each other tend to move together. Considering
such common trends is believed to benefit stock movement forecasting tasks. However, such …

We develop a framework to theoretically and empirically analyze how investors compete
with each other in financial markets. In the classic view that markets are fiercely competitive …

Copyright@ Institutional Investor, Inc. All rights reserved. investment). However, it is critically
important to understand that MPT is a theory that is independent of any theories about asset …