We present evidence that insured deposit financing shields banks from the full costs of market discipline. Banks experiencing Moody's downgrades exhibit abnormal equity returns that are increasing in the bank's reliance on insured deposits. We also find that banks increase their use of insured...

As a result of the Securities and Exchange Commission’s relaxation of its prohibition against the marketing of private placements, investors will soon be exposed to a broad array of syndicated commercial real estate investments. Private placement commercial real estate investments are illiquid...

We examine portfolio credit quality holding and daily return patterns in a large sample of bond mutual funds and document significant evidence of window dressing. First, using portfolio credit quality holdings data, we find strong evidence that bond funds on average hold significantly more...

This paper documents that, consistent with the practice of window dressing, equity mutual funds exhibit atypical return behavior around fiscal year-ends. To identify atypical returns, residuals from a multiple-style index market model are generated for a sample of large equity mutual funds....

We examine portfolio credit quality holding and daily return patterns in a large sample of bond mutual funds and document evidence of window dressing. Using portfolio credit quality holdings data, we find that bond funds on average hold significantly more government bonds during disclosure than...

The authors quantify and analyze the current annual fees in the institutional mutual fund industry. They identify the primary determinants of fund expenses and develop a methodology for gauging whether fees on an institutional investment are consistent with other similar alternative investments....