This survey examines the vibrant academic literature on environmental, social, and
governance (ESG) investing. While there is no consensus on the exact list of ESG issues …

The question of whether and how partial common-ownership links between strategically
interacting firms affect firm objectives and behavior has been the subject of theoretical …

Abstract In 2017,“The Big Three” institutional investors launched campaigns to increase
gender diversity on corporate boards. We estimate that their campaigns led American …

We empirically assess the implications of the common ownership hypothesis from a
historical perspective using the set of S&P 500 firms from 1980 to 2017. We show that the …

We present a mechanism based on managerial incentives through which common
ownership affects product market outcomes. Firm-level variation in common ownership …

A growing number of studies suggest that common ownership caused cooperation among
firms to increase and competition to decrease. We take a closer look at four approaches …

We investigate the relation between common institutional ownership of the firms in an
industry and product market competition. We find that common ownership is neither robustly …

Common owners face an incredible investment challenge: managing systematic risk.
Because common owners hold shares in multiple firms across an industry, an action (or …

This paper studies institutional investors' incentives to be engaged shareholders. In 2017,
the average institution gains an extra 129,000inannualmanagementfeesifastockholdingin …

The literature on competitive effects of common ownership has grown at a fast rate in the
past two years. Anticompetitive effects have been confirmed with alternative reduced-form …