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 …

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 …

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 …

We empirically investigate the impact of government debt on corporate financing decisions
in an international setting. We show a negative relation between government debt and …

This paper investigates whether mutual fund families acting as service providers in 401(k)
plans display favoritism toward their own affiliated funds. Using a hand‐collected data set on …

This paper tests whether information advantages help explain why some individual investors
concentrate their stock portfolios in a few stocks. Stock investments made by households …

Our paper analyzes the geographical preferences of hedge fund investors and the implication
of these preferences for hedge fund performance. We find that funds of hedge funds …

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