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 rapid growth in index funds and significant consolidation in the asset-management
industry over the past few decades has led to higher levels of common ownership and …

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

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

We derive a measure that captures the extent to which common ownership shifts managers'
incentives to internalize externalities. A key feature of the measure is that it allows for the …

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 study assesses the effect of common state ownership on corporate environmental
performance. Using a large sample of Chinese listed firms, we find that state-owned …

This paper presents new evidence on the economic benefits arising from common
institutional ownership. We find a negative and significant effect of common institutional …

Institutions often own equity in multiple firms that compete in the same product market. Prior
research has shown that these institutional “common owners” induce anticompetitive pricing …