This study assesses whether individual-level trust between the board chair and the CEO affects firm performance. We find that chair-CEO trust is positively associated with firm performance. Additional tests suggest the relationship between trust and firm performance is causal, with more...

This paper examines the impact of algorithmic trading (AT) on investors’ incentives to initiate block ownership in U.S. public companies. We find that a one standard deviation change in AT activity reduces the block ownership initiation likelihood by 3.5%. Using the SEC’s randomised tick...