We find that socially responsible investment (SRI) policies are more common among the endowments of universities that face greater stakeholder pressure to adopt such policies and depend more on donations to fund operations. SRI policies result in cumulative abnormal donations of 6% of endowment...

We show that two novel measures of text sophistication, applied to strategy descriptions, encapsulate incremental information about hedge funds. Consistent with the linguistics literature, lexically diverse hedge funds, i.e, those that employ rich vocabulary, outperform, arbitrage prominent...

The process of risk management for institutional investors faces two challenges. First, since most institutions are decentralized in contrast to being direct investors in assets, it is difficult to separate the risks of the assets in the portfolio from the risks generated by the investment...