Working Paper

19 October 2020

Shareholder Value(s): Index Fund ESG Activism and the New Millennial Corporate Governance

Major index fund operators have been criticized as ineffective stewards of the firms in which they are now the largest shareholders. While scholars debate whether this passivity is a serious problem, index funds’ generally docile...

Michal Barzuza | Quinn Curtis | David H. Webber
27 July 2020

Where Do Institutional Investors Seek Shelter when Disaster Strikes? Evidence from COVID-19

During the COVID-19 market crash, U.S. stocks with higher institutional ownership -- in particular, those held more by active, short-term, and more exposed institutions -- performed worse. Portfolio changes through the first...

Simon Glossner | Pedro Matos | Stefano Ramelli | Alexander Wagner