This paper retraces the origins of modern futures trading and provides new evidence to an open question in financial history, whether the assumed negative impact of speculation, which generated several regulatory and institutional changes, is reflected in interwar futures trading. We assemble a...

This paper retraces the origins of modern futures trading and provides new data researchers can use. This includes an overview of the regulatory and institutional changes during the interwar period, ones that still inspire present day regimes. To this end, we assemble a new dataset of daily...

We analyze what a second business degree reveals about the investment behavior of mutual fund managers. Specifically, we compare investment risk and style of managers with both a CFA designation and an MBA degree to managers with only one of these qualifications. We document that managers with...

We provide evidence on the valuation of equity positions by hedge funds. Reported valuations deviate from standard valuations based on closing prices from CRSP for roughly seven percent of the positions. These equity valuation deviations are positively related to illiquidity and price volatility...

We analyze what a second business degree reveals about the investment behavior of mutual fund managers. Specifically, we compare investment risk and style of managers with both a CFA designation and an MBA degree to managers with only one of these qualifications. We document that managers with...

We analyze what a second business degree reveals about the investment behavior of mutual fund managers. Specifically, we compare performance, risk, and style of managers with both a CFA designation and an MBA degree to managers with only one of these qualifications. We document that the average...