investor voice towards positive social impact. In this paper, I provide a framework outlining the role of investors as stewards … institutional investors, importantly, but not exclusively, index and quasi-index investors, could provide this commitment mechanism … investors that could act as stewards of the commons. Social pressure fueled by socially responsible investment funds and non …

evidence indicates that ownership by common institutional investors significantly affects corporate advertising strategy … fund mergers as an exogenous shock to ownership structure, we find that competing firms owned by the same institutional … pronounced for firms in more competitive industries, in higher advertising-intensity industries, with greater common ownership …

) is related to the likelihood of firms adopting international accounting standards and the merger and acquisition …-selection bias arising from the firms' incentives for adopting international accounting standards, we use propensity score matching … to select control firms that use Japanese local accounting standards and have a similar probability of adoption of …

model's predictions by the Generalized Method of Moments and data from a large cross-section of publicly traded firms. The …

related to the optimal level of U.S. advertising, and it is stronger for subsets of firms that we expect to be relatively more … suggests that firms have active internal capital markets in which capital is moved across geographic regions …

firms higher financial constraints, higher information asymmetry, or stronger governance. Additional analysis suggests that …