Passive investors—ETFs and index funds—are the most important development in modern-
day capital markets, dictating trillions of dollars in capital flows and increasingly owning …

We examine institutional demand prior to well-known stock return anomalies and find that
institutions have a strong tendency to buy stocks classified as overvalued (short leg of …

Prior studies investigate the determinants and consequences of real earnings management
(REM) as a function of firm-specific characteristics. In this study, we examine how …

We provide a rationale for window dressing wherein investors respond to conflicting signals
of managerial ability inferred from a fund's performance and disclosed portfolio holdings. We …

Abstract make a theoretical argument that performance persistence should not exist since
new money flows into well-performing mutual funds and there are diseconomies of scale, or …

Intermediaries are a prominent feature of most modern markets, and with good reason.
Intermediaries can bridge in-formation asymmetries, enable parties to find one another, and …

Mounting evidence demonstrates that retail investors make predicta costly mistakes. 1 They
save too little, they trade too frequently, they high and sell low, they invest in fad instruments …

We explore a new channel for attracting inflows using a unique data set of corporate 401 (k)
retirement plans and their mutual fund family trustees. Families secure substantial inflows by …

This study aims to investigate the managerial ability of executives' managers' role in
mitigating the negative impact of real earnings management on future firm's performance …

This paper examines the investment performance of US ethical equity mutual funds relative
to the market and their traditional counterparts using a survivorship-bias-free database. We …