We examine whether institutional investors play a role in improving workplace safety. By compiling establishment-level work-related injury data from the Occupational Safety and Health Administration, we document significantly lower injury and illness rates that are more pronounced in firms with...

We examine whether institutional investors play a role in improving workplace safety. By compiling establishment-level work-related injury data from the Occupational Safety and Health Administration, we document significantly lower injury and illness rates that are more pronounced in firms with...

We argue that the relative effectiveness of active and passive blockholder monitoring is driven by the institutional context of the Korean financial market. The Korean market is characterized by the dominance of chaebols and the pressure-sensitivity of institutional blockholders. We believe that...

We examine whether industry-level short interest predicts industry stock returns and find that the former is negatively associated with the latter. Furthermore, this predictive ability is more pronounced in industries with higher information asymmetry surrounding firms, suggesting that either...

Cost stickiness measures the degree of suboptimal cost reduction in response to a decline in a firm's activity. This study examines the role of institutional monitoring in addressing the value-decreasing cost-stickiness problem exhibited in many firms. Using alternative proxies for institutional...

This study uses a large sample of Korean firms to examine institutional blockholders' influence on corporate earnings management. The Korean market is an interesting setting to study institutional monitoring because it is dominated by chaebols, which are characterized by ineffective internal...

We examine the effect of shareholder litigation rights on managers' acquisition decisions. Our experimental design exploits a U.S. Ninth Circuit Court of Appeals ruling on July 2, 1999 that resulted in a reduction in shareholder class actions. We find that, since the ruling, firms in Ninth...

We test whether institutional investors' demand relates to past arbitrage activity in the form of short interest. We find that changes in short interest positively predict institutional demand. Examining the reason for the positive relationship, we find that institutions do not appear to demand...