We study how firm ESG performance affects domestic and foreign institutional investments. At the firm level, the marginal effects of ESG on institutional ownership vary across institution origin and investment destination countries. At the …
We propose an explanation for default risk linkages based on a Lucas model with across independent debt-financed borrowers. The transmission mechanism is that variation in the size of a borrower impacts the default decision for all borrowers. If a …
We construct a comprehensive database of public firm ownership in 49 countries and study the investment scope and preferences of different types of investors. Aggregate home bias has declined but is still much higher in emerging markets (EMs). …