The effectiveness of the VIX index as a leading indicator of style returns has been examined in the finance literature, finding that increases in this “fear index” lead to outperformance of “value” vs “growth” stocks, although the effect has attenuated over time. This study...

Given the exponential growth in ETF trading over the past decade, we consider the proposition that trading in ETFs transmits volatility to their largest component stocks and thus to the stock market in general. We find empirical support for this proposition, since volatility spillovers from ETFs...

The public media and politicians regularly debate the potential for hedge funds to contribute to systemic risk in financial markets. Because the hedge fund industry experienced substantial growth over the past two decades, concerns about hedge funds' systemic risk have increased and regulators...

Purpose: Student Managed Funds (SMFs) are extremely popular investment programs at many colleges and universities that provide their students with experiential learning opportunities to manage real money. However, the size, scope and specific features of these SMFs differ substantially. The...