This paper uses transaction-level fund trading data from the United States to study the information advantage of institutional investors. Our research design follows a two-step procedure. In the first step, we identify funds that sell shares in firms before their unexpected revelation of stock...

This paper uses a unique transaction-level fund trading dataset to evaluate institutional investors' trading performance. Our research design follows a two-step procedure. In the first stage, we identify funds that heavily sold shares in firms before their public revelation of stock option...

Using a machine learning approach to process 11 million tweets posted by S&P 1500 firms from 2011 through 2016, we find that poor corporate social responsibility (CSR) performance firms tweet more about CSR activities and use tweets that are shorter, and with more passive voice and extreme tone....

We explore the tweeting behavior of S&P 1500 firms’ executives (CEOs and CFOs) and its market consequences during the period of 2011 to 2018. We document that executives tweet financial information related to their firms and time these tweets to firms’ major events, and that investors...