This paper examines the implications of substitutability of two similar investment vehicles:
conventional index mutual funds and exchange-traded funds (ETFs). It seeks to explain the …

This study introduces a portfolio theory motivated approach to measuring mutual fund family-level
risk diversification. The average cross-fund correlation in idiosyncratic returns …

Low spreads between loan rates and deposit rates are indicative of a more efficient financial
system. We argue that spreads are better cross country measures of banking system …

This study examines cross-sectional differences among money market mutual funds (MMMFs)
in the context of sponsoring fund families. The study finds that flows to family non-MMMFs …

The effectiveness of foreign aid is typically measured by the effect of aid on economic growth.
Prior literature provides ambiguous results on this effect partly due to the aggregation of …

We find that information leakages prior to public guidance issued by company management
exist even after Regulation Fair Disclosure (FD), and are more pronounced when …

We test a theory about ambiguity surrounding the distribution of fundamental values to
determine how market uncertainty affects earnings guidance perception and behavior. We find a …

We examine whether sell-side analysts strategically time their favorable recommendations to
cater to institutional investors while preserving analysts’ reputational capital. Although prior …

Involvement in environmental, social and governance (ESG) activities [also often called
corporate social responsibility (CSR)] has become important in making investment decisions in …

We examine the effect of confirmed and tentative changes in long-term capital gains tax
rates on direction and magnitude of tax-induced trading. Results show that investors have an …