Using the extreme returns of firms in unrelated industries of institutional shareholders' portfolios as exogenous variations in institutional investor distraction (Kempf et al., 2017), we find a positive and significant relation between institutional shareholder distraction and stock price crash...

We study the impact of celebrity endorsements, hiring celebrities as firm ambassadors, on stock mispricing. We find that celebrity endorsements can result in more severe stock mispricing for focal firms. Such an effect is stronger when endorsers are more popular. In addition, the occurrence of...