Institutional Ownership and Tail Risk Comovement in Banks

The authors thank Mary Barth, Lucian Bebchuk, Dirk Black, Ted Christensen, Fabrizio Ferri, Roby Lehavy, Stephen Ryan, Eric So (editor), the associate editor, and two anonymous reviewers as well as participants at the Duke/UNC Fall Camp, Chinese University of Hong Kong conference, Washington Accounting Research Syposium conference, American University, Baruch College, the Georgia Institute of Technology, the University of Pennsylvania Wharton School, and the University of Utah for their helpful comments and suggestions. Note that this paper was previously titled “IO, Friend or Foe? The Influence of Institutional Investors on the Systemic Risk of Banks.” All errors are the authors’ own.