A recent literature uses the annual reconstitution of the Russell 1000 and 2000 Indexes as a source of seemingly exogenous variation in institutional ownership to study the effect of institutional ownership on firm outcomes. We show that lagged institutional ownership measured prior to...

A comparison of "Governance and Taxes" with a previous working paper version reveals a number of irregularities that together suggest the analysis was not performed as described in the published version. In particular, the two versions claim to use different main empirical specifications, but...

Targets provide incentives for earnings management, and a longstanding question is whether earnings management is undertaken opportunistically or to communicate private information about future firm value. To discriminate between these motivations, I follow analytical research showing that an...