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 …

This paper reviews the theoretical and empirical literature on the role of blockholders (large
shareholders) in corporate governance. We start with the underlying property rights of public …

Financial economics and corporate governance have long focused on the agency problems
between corporate managers and shareholders that result from the dispersion of ownership …

We seek to contribute to understanding index fund stewardship by providing a
comprehensive theoretical, empirical, and policy analysis of such stewardship. We put …

Passive investors—ETFs and index funds—are the most important development in modern-
day capital markets, dictating trillions of dollars in capital flows and increasingly owning …

Passive institutional investors are an increasingly important component of US stock
ownership. To examine whether and by which mechanisms passive investors influence …

Since 2008, a massive shift has occurred from active toward passive investment strategies.
The passive index fund industry is dominated by BlackRock, Vanguard, and State Street …

Many natural competitors are jointly held by a small set of large institutional investors. In the
US airline industry, taking common ownership into account implies increases in market …

We analyze the role of institutional cross-ownership in internalizing corporate governance
externalities using granular mutual fund proxy voting data. Exploiting within-proposal and …

This paper reviews recent research on corporate governance, with a special focus on
emerging markets. It finds that better corporate governance benefit firms through greater …