We use corporate jet flight patterns to identify private meetings with investors that are ex ante unobservable to non-participants. Using approximately 400,000 flights, we proxy for private meetings with "roadshows," defined as three-day windows that include flights to money centers and to...

This paper studies institutional investors' incentives to be engaged shareholders. We measure incentives as the increase in an institution's cash flow (management fees) when a stockholding increases 1% in value, considering both the direct effect on assets under management and the indirect...

Are pandemics systemically important to modern-day financial markets? This study uses the COVID-19 pandemic as a natural experiment for testing how large-scale pandemics affect the financial markets. Using hand-collected data at the firm level, I find that managers systematically underestimated...

Theories of delegated monitoring predict that when public disclosure is costly, monitoring by a large investor leads management to supply more private information to that investor, and less public disclosure to other similarly aligned investors who free-ride off the monitor. We test this...

Brand-name pharmaceutical companies often file lawsuits against generic drug manufacturers that challenge the monopoly status of patent-protected drugs. Institutional horizontal shareholdings, measured by the generic shareholders' ownership in the brand-name company relative to their ownership...

A growing body of evidence concludes that common ownership caused cooperation among firms to increase and competition to decrease. We take a closer look at four approaches used to identify these effects. We find that the effects the literature has attributed to common ownership are caused by...

Institutional shareholders around the world increasingly use active share-voting to protect their portfolio investments and improve corporate governance. However, exercising voting rights involves costly and often arcane country-specific legal rules. This report on Sweden is one of a series...

Prior studies attribute the future excess return patterns of R&D firms to either compensation for increased risk from R&D or to mispricing by investors. We suggest a third explanation for the future excess returns of R&D firms. We show that neither the level of R&D investment nor the change in...