Using a unique database that includes publicly disclosed fund holdings at the end of the quarter as well as the holdings in all non-publicly disclosed months, we found that some funds could alter their portfolios in publicly disclosed months to artificially increase their Active Share scores and...

Financial literature has analyzed how previous trading decisions of some portfolio managers influence the subsequent trading of other peers. This paper contributes to the literature by proposing a new methodological approach to capture the time varying evolution of the leader-follower...

This paper aims to contribute to the lack of research on the learning process of mutual fund markets. The empirical design is focused on the ability of the Spanish equity mutual fund industry to learn from its important errors. The choice of this industry is justified by both its relevance in...

This paper aims to contribute to the lack of research on the learning process of mutual fund markets. The empirical design is focused on the ability of the Spanish equity mutual fund industry to learn from its important errors. The choice of this industry is justified by both its relevance in...

Studies have used ESG ratings to measure CSR; however, these ratings provide an overall measure that does not consider the capabilities of companies to fulfil social and environmental standards. We propose a cross-sectional regression to estimate inclusive ESG ratings in order to assess...