This study provides evidence that investors' demographic similarity to CEOs facilitates informed trading after accounting for selective distribution of information. Mutual fund managers overweight firms whose CEOs resemble them in terms of age, ethnicity, and gender. Significantly higher trade...

Taking a firm's competitive position into account benefits investors who are better at evaluating this qualitative information. I find that fund managers who overweight companies with market power outperform their peers. Placebo exercises and an exogenous shock to product market competition...

Processing qualitative information about a firm's product market competition matters for professional investors. Consistent with a superior understanding of a firm's market power, fund managers who overweight companies with the fewest competitors (monopolies) outperform their peers. An exogenous...

Taking a firm’s competitive position into account benefits investors who are better at evaluating this qualitative information. I find that fund managers who overweight companies withmarket power outperform their peers. Placebo exercises and an exogenous shock to productmarket competition...

I provide evidence that fund managers who overweight firms with the most differentiated products ('monopolies') exhibit a superior risk-adjusted performance. This is consistent with information advantages due to a better understanding of qualitative information on a firm's competitive...

We document that the speed of information dissemination within mutual fund families positively affects the performance of member funds. This suggests that the resulting benefits of higher information precision far outweigh free-riding costs associated with fast internal dissemination. The...

We study whether investors' demographic similarity to CEOs affects their investment decisions. Mutual fund managers are found to overweight firms led by CEOs who resemble them in terms of age, ethnicity and gender. This finding is robust to excluding educational and local ties and is supported...

Sexual harassment, a widespread problem in the workplace, arguably keeps female employees from optimally employing their human capital. We show that removing or diminishing this friction improves productivity. Specifically, using the male-dominated fund industry as our testing ground, we show...

Processing qualitative information about a firm's product market competition matters for fund performance. I find that fund managers with a better understanding of a firm's market power exhibit a superior risk-adjusted performance. Managers who overweight companies with the fewest competitors...