We document a positive effect of monitoring institutional ownership on firm innovation after controlling for traditional measures of institutional ownership. We further find that monitoring institutions enhance firm innovation by: 1) incentivizing CEO risk-taking and reducing intense board...

Despite the growing importance of institutional investors in global capital markets and the link between bank earnings management and financial crash risk, little is known about institutional investors' role in mitigating bank earnings management. We conduct the first international analysis of...

We provide the first comprehensive and robust evidence on the relationship between board independence and firm performance in China. We find that independent directors have an overall positive effect on firm operating performance in China. Our findings are robust to a battery of tests, including...