A stylized fact that lurks in the background of the recent literature on common ownership is the parallel increase in the profitability of oligopolistic...
The traditional focus of corporate law is on aligning managers’ preferences with the interests of shareholders. We show that this view is premised on...
This paper examines the impact on shareholder voting of the mutual fund voting disclosure regulation adopted by the SEC in 2003, using a paired sample of...
Using a novel text-based measure of top management team diversity, covering over 70,000 top executives in over 6,500 U.S. firms from 1999 to 2014, we show...
Passively managed index funds now hold over 30% of U.S. equity fund assets; this shift raises fundamental questions about monitoring and governance. We...