The paper provides a critical review of empirical findings on the performance of mutual
funds, mainly for the US and UK. Ex‐post, there are around 0‐5% of top performing UK and …

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 …

The paper provides empirical evidence that strategic complementarities among investors
generate fragility in financial markets. Analyzing mutual fund data, we find that, consistent …

Exchange-traded funds (ETF's) are a rapidly growing class of financial products. ETF's are
typically organized as unit trusts. They were introduced in 1993, and by the end of 2001 …

This paper explores the relationship between the after-tax returns that taxable investors earn
on equity mutual funds and the subsequent cash inflows to these funds. Previous studies …

This paper shows that the stylized fact of average mutual fund underperformance
documented in the literature stems from expansion periods when funds have statistically …

In the Handbook of Public Economics, vol. 5, top scholars provide context and order to new
research about mechanisms that underlie both public finance theories and applications …

Participants in defined contribution (DC) retirement plans rarely adjust their portfolio
allocations, suggesting that their investment choices and consequent money flows are sticky …

I model an open-end mutual fund investing in illiquid assets and show that the fund's
endogenous cash management can generate shareholder runs even with a flexible NAV …

This chapter summarizes the current state of research on how taxation affects household
decisions with respect to portfolio structure and asset trading. It discusses long-standing …