Using a comprehensive hedge fund activism dataset, we find that activist hedge funds are about 52% more likely to target firms with female CEOs compared to firms with male CEOs. We find that firm fundamentals, the existence of a “glass cliff,” gender discrimination bias, and hedge fund...

We examine firms' tax avoidance behavior in response to external investor inattention. We argue that reduced investor attention raises incentivized managers' needs to maintain firm growth and sustain financial resources, leading to more tax avoidance. We exploit a unique setting where peer firms...

This study examines whether the flow volatility experienced by institutional investors affects firms' financing costs. Using Greenwood and Thesmar's (2011) stock price fragility, a proxy for firm exposure to its institutional investors' flow volatility, we find that firms with high stock price...

In this paper, we investigate whether and how short selling threat affects real activity manipulation. Using a regulatory experiment (Regulation SHO) that removes short selling restrictions on randomly selected pilot firms, we find that real activity manipulation is significantly reduced for...

This study examines whether auditors incorporate their clients’ corporate culture into audit pricing. We construct a measure of corporate collaboration culture using textual analysis of public firms’ 10-K reports. We find that firms with more collaboration culture pay lower audit fees. We...