Essays on the Corporate Information Environment and Institutional Ownership

This thesis comprises two chapters focused on the corporate information environment and institutional ownership. The first chapter demonstrates that improved information access reduces adverse selection, enhances investor decision-making, and facilitates greater market participation. The second chapter examines the unintended consequences of the ongoing growth in passive investments, showing that it can undermine corporate information production and deteriorate the trading environment. Collectively, my thesis offers valuable insights for market regulators in shaping effective disclosure policies, which are essential for ensuring that investors have adequate information to make informed decisions, while also maintaining their confidence and engagement in financial markets.