We ask whether the financial health of the FDIC limits its ability to efficiently resolve failed institutions. Consistent with this hypothesis, we find acquirers experience large and long-lasting abnormal returns around the announcement of a failed bank acquisition when the deposit insurance...

Institutional investors are allowed to delay their disclosures of quarter-end holdings via form 13F for up to 45 days. This forbearance may help protect the institutions from potentially damaging behavior by other traders, in particular from free-riding copycatters and from front-runners. It...

We explore the properties of equity mutual funds that experience a loss of assets after poor performance. We document that both inflows and outflows are less sensitive to performance because performance-sensitive investors leave or decide not to invest after bad performance. Consistent with the...