In this study, we explore the implications of institutional investor distraction for earnings management. Our identification approach relies on a firm-level measure of institutional investor distraction that exploits exogenous attention-grabbing shocks to unrelated parts of institutional...

We empirically study how financial regulations generate corporate governance spillovers through the institutional ownership network. Exploiting the Regulation SHO Pilot experiment, we find a significant removal of anti-takeover provisions by Non-Pilot firms when their motivated monitors are more...

We analyze how the materialization of climate risk in the institutional investors' portfolios spurs a propagation effect on the information content of stock prices. Institutional investors with a relatively high portfolio exposure to disasters divest from disaster-hit stocks, decrease the...

This paper examines the effect of “superstar” CEOs (i.e. CEOs that win prestigious business awards) on the voting behavior in shareholder proposals. We show that the superstar status strongly affects the outcome of shareholder proposals in favor of the management, both compared to all...

While the benefits of higher bank capital for financial stability are largely uncontested, there is a strong disagreement on how bank capital affects shareholder value (i.e., whether higher capital is privately optimal from the perspective of bank shareholders). In this paper, we explore...