We develop a model linking stock ownership and returns to the distribution of private information and quality of public information. Supporting the model, we find that the firm's information environment affects investors' propensity to hold and trade its stocks, but its effects hinge on...

We provide evidence that the research of equity analysts affiliated with corporate lenders reflects private information obtained through the commercial lending relationships. Lender-affiliated analysts improve the accuracy of their earnings forecasts on borrowers after a lending relationship is...

Equity analysts affiliated with corporate lenders publish superior research on borrowers, consistent with private information sharing within financial institutions. Relative to other analysts, lender-affiliated analysts improve the accuracy of their earnings forecasts after a lending...

This paper illustrates the unique role of sell-side analysts in improving market efficiency by examining their responses to mutual fund flow-driven mispricing. We find that a select group of analysts persistently issue price-correcting recommendation changes for stocks subject to flow-driven...

We find that a firm's tendency to engage in financial misconduct increases with the misconduct rates of neighboring firms. This appears to be caused by peer effects, rather than exogenous shocks like regional variation in enforcement. Effects are stronger among firms of comparable size, and...

Institutional investors located in cities with social norms friendlier towards the environment (“green” cities) are sensitive to corporate environmental practices. Their portfolios are tilted away from stocks exhibiting negative environmental practices, particularly those headquartered in...