Using a large sample of institutional investors' private equity investments in venture and buyout funds, we estimate … would occur if funds were randomly distributed across investors. We find that the variance of actual performance is higher …

sell assets that have relatively high temporary price impacts of trading. Mutual funds with higher sensitivity of pay to …, these funds did not sell securitized bonds on average and instead sold corporate bonds to meet their liquidity needs. Sales … exposed to securitized bonds, compared to same-issuer bonds held by unexposed funds. Shorter-horizon mutual funds liquidated …

We provide new empirical evidence suggesting that the marginal investor in mutual funds behaves differently across … market conditions. If the marginal investor allocates capital across mutual funds rationally, then the relative performance … of funds should be unpredictable. We find however that relative fund performance is predictable after periods of high …

passively managed mutual funds. Furthermore, higher passive ownership is associated with increased use of proxy fights and a …

into U.S. mutual funds. We find that flows into funds that derive from DC assets are more volatile and exhibit more …

own funds. Using a hand-collected dataset on retirement investment options, we show that poorly-performing funds are less … performance of poorly-performing affiliated funds indicates that these trustee decisions are not information driven and are costly …

asset values of closed- end country funds to examine investor reaction to news that affects fundamentals, and measure the …