We provide a new measure of tax-sensitive institutional ownership. Using discriminant analysis and the characteristics of a sample of institutional investors that are unambiguously tax-sensitive or unambiguously tax-insensitive, we classify all institutions that file Form 13F with the SEC over...

We examine how the media influences retail trade and market returns during the “quiet period” that follows a firm's IPO. We find that more media coverage during this period is associated with more purchases by retail investors and that such purchases are attention-driven, rather than...

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...