We identify a sample of firms with directors employed by institutional investors and examine the effect of a direct channel of institutional monitoring. Using difference-in-differences tests, we find weak evidence that institutional directors have a positive effect on informational efficiency....

We examine the relation between the proportion of a firm’s top management team that is appointed during a CEO’s tenure (i.e., top management team, or TMT, co-option) and audit pricing. Using a sample of U.S. firms during the 2001-2018 period, we find that TMT co-option is positively...

Utilizing a novel style identification procedure, we show that style-shifting is a dynamic strategy commonly employed by hedge fund managers. Three quarters of hedge funds shifted their investment styles at least once over the period from January 1994 to December 2013. We perform empirical tests...