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

Do Institutional Investors Stabilize Equity Markets in Crisis Periods? Evidence from COVID-19

During the COVID-19 market crash, U.S. stocks with higher and more active institutional ownership performed worse. The effect was stronger when institutional investors experienced larger client outflows and held more financially...

Simon Glossner | Pedro Matos | Stefano Ramelli | Alexander Wagner