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...

Minimum wages generate an asymmetric pass-through of rm shocks across workers. We establish this result leveraging employer-employee data on Italian metalmanufacturing rms, which face di erent wage oors that vary within occupations. In response to negative rm productivity shocks, workers close...