This paper studies the flows of funds into and out of equity mutual funds. Consumers base their fund purchase decisions on prior performance information, but do so asymmetrically, investing disproportionately more in funds that performed very well the prior period. Search costs seem to be an...

This article examines a new database that details corporate risk management activity in the North American gold mining industry. The author finds little empirical support for the predictive power of theories that view risk management as a means to maximize shareholder value. However, firms whose...

This paper studies the exposure of North American gold mining firms to changes in the price of gold. The average mining stock moves 2 percent for each 1 percent change in gold prices, but exposures vary considerably over time and across firms. As predicted by valuation models, gold firm...