This paper investigates whether the business press serves as an information intermediary. The press potentially shapes firms' information environments by packaging and disseminating information, as well as by creating new information through journalism activities. We find that greater press...

We provide a new measure of tax-sensitive institutional ownership. Using discriminant analysis and the characteristics of a sample of institutional investors that are unambiguously tax-sensitive or unambiguously tax-insensitive, we classify all institutions that file Form 13F with the SEC over...

We examine how the media influences retail trade and market returns during the “quiet period” that follows a firm's IPO. We find that more media coverage during this period is associated with more purchases by retail investors and that such purchases are attention-driven, rather than...

This paper examines whether selective access to corporate managers allows investors to revise their beliefs and execute profitable trades. We examine whether investors benefit from two potential opportunities for selective access at invitation-only investor conferences: one-on-one meetings with...