Top management team diversity matters for stock returns. We develop a new text–based measure of team diversity and apply it to a sample of over 40,000 top executives in U.S. firms from 2001 to 2014. Buying firms with diverse teams and selling firms with homogenous teams — a strategy we call...

We investigate how institutional ownership affects the diffusion of innovation. We find that a higher intensity of patent citations among firms that share institutional owners. We address the potential endogeneity of common ownership using two approaches. First, we use regression discontinuity...