Amidst growing pressure from investors and the general public, CEOs increasingly express their views on social, environmental, and political issues. Using an experiment, we offer initial evidence on the effect of this CEO activism on investor decision-making. Specifically, we examine how the...

Individual investors increasingly rely on investment advice from social media platforms. Even advice with little, if any, predictive value appears to influence investor decisions. Our study reports the results of two experiments that help explain why investors rely on such advice. We find that...