This paper investigates how institutional investors matter for asset pricing by using daily institutional trading data and a natural experiment, the split–share structure reform in China. This reform required all listed companies to convert their non-tradable shares to tradable shares after...

In this study, we take a machine learning-based approach to measure institutional investor attention to corporate social responsibility (CSR) issues when communicating with firms during site visits. We find that institutional investors can effectively enhance CSR performance through CSR-related...