We document the effects of institutional investors on the qualitative information disclosure of firms within earnings conference calls. Utilizing conference call and institutional ownership data between 2005 and 2016, we find that aggregate institutional ownership dampens conference call tone....

We document the increasing role leveraged exchange traded funds (ETFs) play in institutional portfolios over time. A subset of independent investment advisors, quasi-indexers, and transient portfolio managers all make substantive use of these tools. Leveraged ETFs can be used for diversification...