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Institutional Investors and Proxy Voting: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation

Cremers, Martijn; Romano, Roberta - School of Management, Yale University - 2007

This paper examines the impact on shareholder voting of the mutual fund voting disclosure regulation adopted by the SEC in 2003, using a paired sample of proposals submitted before and after the rule change. We focus on how voting outcomes relate to institutional ownership and the voting...

Persistent link: https://www.econbiz.de/10008852925

Good Stewards, Cheap Talkers, or Family Men? The Impact of Mutual Fund Closures on Fund Managers, Flows, Fees, and Performance

Bris, Arturo; Gulen, Huseyin; Kadiyala, Padmaja; Rau, … - School of Management, Yale University - 2005

We examine a sample of 125 equity mutual funds that closed to new investment between 1993 and 2004. We find that funds close following a period of superior performance and abnormal fund inflows. Fund managers raise their fees when they close to compensate managers for losses in income due to the...

Persistent link: https://www.econbiz.de/10008852985

Estimating Operational Risk for Hedge Funds: The ?-Score

Brown, Stephen; Goetzmann, William; Liang, Bing; … - School of Management, Yale University - 2008

Using a complete set of the SEC filing information on hedge funds (Form ADV) and the TASS data, we develop a quantitative model called the ?-Score to measure hedge fund operational risk. The ?-Score is related to conflict of interest issues, concentrated ownership, and reduced leverage in the...

Persistent link: https://www.econbiz.de/10008852988

Why Does the Law of One Price Fail? An Experiment on Index Mutual Funds

Choi, James; Laibson, David; Madrian, Brigitte - School of Management, Yale University - 2008

Experimental subjects allocate $10,000 across four S&P 500 index funds. Subject rewards depend on the chosen portfolio's subsequent return. Because the investments are not actually intermediated by the fund companies, portfolio returns are unbundled from non-portfolio services. The optimal...

Persistent link: https://www.econbiz.de/10008853012

Closing Time? The Signaling Content of Mutual Fund Closures

Bris, Arturo; Gulen, Huseyin; Kadiyala, Padmaja; Rau, … - School of Management, Yale University - 2003

We analyze why managers of open-ended mutual funds choose to close their funds to new investment. Borrowing from Berk and Green (2004), we develop a model of the mutual fund closure decision where the main ingredient is a negative relationship between fund size and the fund’s realized return....

Persistent link: https://www.econbiz.de/10005587198

Accounting and Litigation Risk

Cao, Zhiyan; Narayanamoorthy, Ganapathi - School of Management, Yale University - 2005

-ante measure of litigation risk, namely, Directors and Officers (D&O) liability insurance premium. We find that accounting risk is … an increase in concerns about accounting quality. …

Persistent link: https://www.econbiz.de/10008852939

Knowing What Others Know: Common Knowledge, Accounting, and Capital Markets

Sunder, Shyam - School of Management, Yale University - 2001

lies at the heart of accounting and capital markets research, these new developments have remained at the periphery of …, securities valuation, managerial control, auditing and information systems. Such accounting and business applications will also … applications to accounting and capital markets research. …

Persistent link: https://www.econbiz.de/10005586890

Knowing What Others Know: Common Knowledge, Accounting, and Capital Markets

Sunder, Shyam NMI - School of Management, Yale University - 2001

lies at the heart of accounting and capital markets research, these new developments have had only a faint echo in these … valuation, managerial control, auditing and information systems. Such accounting and business applications will also make … knowledge originated. This paper is an overview of common knowledge and its actual and potential applications to accounting and …

Persistent link: https://www.econbiz.de/10005586947

Accounting: Labor, Capital and Product Markets

Sunder, Shyam - School of Management, Yale University - 2003

Accounting practices differ across geographic and political boundaries, across sectors of the economy within these … overview of the sources, consequences, and limits of these forces as they relate to accounting. …

Persistent link: https://www.econbiz.de/10005586972

Accounting: Labor, Capital and Product Markets

Sunder, Shyam - School of Management, Yale University - 2007

Persistent link: https://www.econbiz.de/10005587043