Mutual fund managers may decide to deviate from a well‐diversified portfolio and concentrate
their holdings in industries where they have informational advantages. In this paper, we …

Despite extensive disclosure requirements, mutual fund investors do not observe all actions
of fund managers. We estimate the impact of unobserved actions on fund returns using the …

Mutual funds change their risk levels significantly over time. Risk shifting might be caused by
ill-motivated trades of unskilled or agency-prone fund managers who trade to increase their …

… Our findings are consistent with those reported by Kacperczyk, Sialm, and Zheng (2005),
who study the diversification of actively managed equity mutual funds. They show that mutual …

Hedge funds have become important investors in public companies raising equity privately.
Hedge funds tend to finance companies that have poor fundamentals and pronounced …

Participants in defined contribution (DC) retirement plans rarely adjust their portfolio allocations,
suggesting that their investment choices and consequent money flows are sticky and not …

The tax burden on equity securities has varied substantially over time and remains a source
of continuing policy debate. This paper investigates whether investors were compensated …

Complex mortgages became a popular borrowing instrument during the bullish housing
market of the early 2000s but vanished rapidly during the subsequent downturn. These non-…

… (1) is estimated separately for three different definitions of Leverage c, t , namely book …
country c. Government debt-to-GDP c , t − 1 is total government debt as a percentage of GDP; X c , …

… The maximum contribution to the TDA is C . … the lower capital gains tax rate τ C . The total
distribution equals d i =d i st +d i lt and the average tax rate is τ i d = τ W d i st +τ C d i lt d i . The …