We show that mutual funds report their junior stakes in startups at 43% higher valuation than model fair values that consider multi-tier capital structures of startups. The latest-issued and most senior security is worth 48% per share than junior securities held by mutual funds, implying that...

Are central bank tools effective in reaching non-banks with no access to the lender-of-last-resort facilities? Using runs on mutual funds in March 2020 as a laboratory, we show that, following the announcement of large-scale purchases, funds with higher ex ante shares of assets eligible for...

We compare fund flows and asset valuations of bond mutual funds whose managers concurrently manage portfolios with performance-based fees and those whose managers do not. We find that bond mutual funds whose managers concurrently manage portfolios with performance-based fees receive less fund...

Australia has a mandatory superannuation scheme for all employees, where employer deducts 9% of the employees’ wages and contributes to the designated super fund. Momentum strategies suggest investors look at the past returns and move their investments into the assets that have performed...

This essay summarizes the findings of new research regarding cryptocurrency-exposed companies (companies that hold cryptocurrencies) and why they should be excluded from Environmental, Social, and Governance (ESG) investment funds

This paper presents evidence on hedge fund sales fees around the world. We show that sales fees have been extremely common, particularly among offshore funds. Also, we show the use of sales fees was more common in the 1990s and has dropped off in the 2000s and 2010s. We present evidence that...