Assets under management by public funds, including sovereign wealth funds and sovereign pension funds, continues to grow at a strong pace. As funds grow larger and new sovereign funds come into the market, the identification of suitable investments in an increasingly crowded marketplace become...

Theories of delegated monitoring predict that when public disclosure is costly, monitoring by a large investor leads management to supply more private information to that investor, and less public disclosure to other similarly aligned investors who free-ride off the monitor. We test this...