Who’s Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives

We thank Jason Donaldson, Eli Fich, Murray Frank, John Graham, Dirk Jenter, Inessa Liskovich, Song Ma, Greg Nini, Giorgia Piacentino, Nancy Rose, seminar and brown bag participants at Dartmouth College, Cornell University, Indiana University, Michigan State University, University of Colorado, University of Michigan, Virginia Tech, Washington University in St. Louis, and participants at the American Economics Association Annual Meeting, BI Corporate Governance Conference, Colorado Finance Summit, Eastern Finance Association Annual Meeting, ECGI Global Corporate Governance Conference (Harvard), London Business School Finance Symposium, NBER Corporate Finance Summer Institute, SFS Cavalcade, University of Minnesota Corporate Finance Conference, and University of Tennessee “Smokey” Mountain Conference. We also thank Alon Brav and Carola Schenone for sharing data on activists and airlines, respectively. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.