We examine whether professional money managers overreact to large climatic disasters.
We find that managers within a major disaster region underweight disaster zone stocks to a …

This chapter reviews recent advances in the literature on mental accounting-the process by
which people group expenses into categories, assign funds to these categories, determine …

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 …

We empirically analyze the nature of returns to scale in active mutual fund management. We
find strong evidence of decreasing returns at the industry level. As the size of the active …

Executive Overview How are job satisfaction and firm value linked? I tackle this long-
standing management question using a new methodology from finance. I study the effect on …

This paper analyzes the relationship between employee satisfaction and long-run stock
returns. A value-weighted portfolio of the “100 Best Companies to Work For in America” …

This paper examines whether firms in noncompetitive industries benefit more from good
governance than do firms in competitive industries. We find that weak governance firms …

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 …

We find that socially connected fund managers have more similar holdings and trades. The
overlap of funds whose managers reside in the same neighborhood is considerably higher …

The tendency of some investors to hold on to their losing stocks, driven by prospect theory
and mental accounting, creates a spread between a stock's fundamental value and its …