We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional...

This paper explores the role of culture in determining divorce decisions by examining country of origin differences in divorce rates of immigrants in the United States. Because childhood-arriving immigrants are all exposed to a common set of US laws and institutions, we interpret relationships...