Date of Award

1-6-2023

Degree Type

Dissertation

Degree Name

Doctor of Philosophy (PhD)

Department

Finance

First Advisor

Vikas Agarwal

Second Advisor

Mark Chen

Third Advisor

Omesh Kini

Fourth Advisor

Sean Cao

Abstract

In this paper, I investigate the impact of diversified institutional ownership on firm innovation. I find that innovation productivity improves along with an increase in ownership by diversified institutions. This result is supported by a natural experiment design based on financial institution mergers. The results are consistent with the hypothesis that information complementarity drives the higher innovation productivity of firms held by institutional investors with diversified portfolios.

DOI

https://doi.org/10.57709/32683940

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