This study provides a comprehensive examination of recent mutual fund performance by
analyzing a large set of both mutual funds and fund attributes in an effort to link performance …

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 …

ABSTRACT I study how brokers distort household investment decisions. Using a novel
convertible bond data set, I find that consumers often purchase dominated bonds—cheap …

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

The institutional brokerage industry faces an ever-increasing pressure to lower trading costs,
which has already driven down average commissions and shifted volume toward low-cost …

Half of all of US households own shares in one or more mutual funds, either directly or
through personal or employer-sponsored retirement accounts. This article describes the …

Industry observers have long warned of the “invisible” costs of fund trading, yet evidence that
these costs matter is mixed because many studies do not account for the largest trading-cost …

Americans are increasingly being asked to take responsibility for their own retirement
security. However, many people are ill-equipped to make financial decisions and have …

Berk and Green (2004) argue that investment inflow at high-performing mutual funds
eliminates return persistence because fund managers face diminishing returns to scale. Our …

This study provides empirical evidence on the role of disclosure in resolving agency conflicts
in delegated investment management. For certain expenditures, fund managers have …