Health care costs represent a large and growing component of business and consumer expenditures in the US. Medical inflation represents these costs, and it differs from aggregate inflation and other market factors with respect to its rate of growth, statistical properties and the extent to which...

Whether institutional investors monitor corporations and improve firm value is a key question for corporate governance and investment management. I find little empirical support for the hypothesis that institutions undertake monitoring that increases firm quality and valuation. Granger causation...

We examine relations between institutional ownership and quoted bid-ask spreads in general, and the adverse-selection component of the spread in particular. For our sample of Nasdaq stocks, we find that high institutional ownership leads to narrower spreads and spreads with a smaller proportion...