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Do Institutional Investors Demand Public Disclosure?

We examine the effect of institutional ownership on corporate disclosure policy using a regression discontinuity design. Using novel data that encompasses every 8-K ﬁling between 1996 and 2006, we ﬁnd that positive shocks to institutional ownership around Russell index reconstitutions increase the quantity, form, and quality of disclosure. Compared to those at the bottom of the Russell 1000 index, ﬁrms at the top of the Russell 2000 index increase institutional ownership by 9.8%, and disclose 4.7% longer 8-K ﬁlings with 21.3% more embedded graphics. This incremental disclosure signiﬁcantly increases the information content of 8-K ﬁlings for the market and for analysts.