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 …

Using data on security holdings for 10,771 institutional investors from 72 countries, we test
whether concentrated investment strategies result in excess risk-adjusted returns. We …

Despite the advantages of international portfolio diversification, actual equity portfolio
holdings reveal a strong bias towards domestic stocks. One hypothesis is that this bias can …

Domestic tax-exempt charitable organizations hold roughly $2.4 trillion in assets and have
roughly $1.2 trillion in annual revenues. 1 These impressive figures speak to the American …

Finance textbooks typically state that 8 to 20 stocks can provide adequate diversification for
a portfolio. However, these recommendations usually assume a short time horizon such as …

We study how mutual fund managers gain an edge in selecting stocks in an era of
globalization. We use textual analysis to construct a measure that captures a mutual fund's …

Focusing on the origination of the COVID-19 outbreak in China, we examine the risk-taking
behavior and performance of US equity mutual funds indirectly exposed to China by holding …

This study investigates whether mutual fund managers can generate alpha through thematic
investment strategies that focus their portfolios on stocks poised to benefit from specific …

This paper examines foreign institutional investors' portfolio allocation and performance in
US securities. We test how information immobility, proxied by information barriers between …

This paper examines the relation between portfolio concentration and investment
performance in corporate bond mutual funds. Using detailed holdings data, we construct …