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...

This paper investigates the impacts of CEOs’ research experiences on corporate innovation, and shows that the firms managed by researcher CEOs have significantly higher investments in innovative activities, generate better innovation output as measured by the number of patents and citations,...

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....

Despite an extensive literature based on upper echelons theory and imprinting theory explores how top managers’ previous experience influence corporate behaviors, little is known about the impact of managers’ early policy-induced adversity experience on corporate social responsibility. This...