The disclosure of corporate environmental performance is an increasingly important element of a firm’s ethical behavior. We analyze how the legal origin of foreign institutional investors affects a firm’s voluntary carbon disclosure. Using a large sample of firms from 36 countries, we show...

Using a comprehensive dataset of firms from 34 countries, we study the effect of institutional investors' investment horizons on firm valuation around the world. We find a positive relation between institutional ownership and firm value that is driven by short-horizon institutional investors....

We examine the impact of foreign institutional shareholders on the prevalence of restrictive bond covenants using a sample of 959 Yankee bonds from 29 countries over the period 2001–2019. We find a significantly negative relation between foreign institutional ownership and debt covenants. This...

Using a comprehensive international dataset of institutional investor holdings, we study social trust as a source of institutional investment biases. Our findings indicate that national trust-levels affect the investment allocation of institutional investors between domestic and foreign equity...

Using a comprehensive set of firms from 57 countries over the 2000–2016 period, we examine the relation between institutional investor horizons and firm-level credit ratings. Controlling for firm- and country-specific factors, as well as for firm fixed effects, we find that larger long-term...

Using a large dataset of firms from 35 countries, we study the country-level determinants of institu-tional investors' investment horizons around the world. We document that an equity investor-friendly institutional environment is more important for long-term investors, while short-term...