The costs and benefits of frequent mutual fund portfolio disclosure have been a strong subject for debate. This study investigates both the determinants and potential effects of portfolio disclosure frequency by comparing funds providing voluntary quarterly disclosure to funds providing only...

We examine the role of financial analysts in helping fund managers make better investment decisions. First, we model how a fund manager utilizes reports on a stock produced by two analysts: a biased sell-side analyst who works for an outside brokerage firm, and an unbiased buy-side analyst who...

We examine the extent to which a fund's cash flows are affected by the stellar performance of other funds in its family - and consequences of such spillovers. We show that star performance results in greater cash inflow to the fund and to other funds in its family. Moreover, families with higher...

In this study, we explore the dynamics of the relation between institutional trading and stock returns. We find that stock returns Granger-cause institutional trading (especially purchases) on a quarterly basis. The robust and significant causality from equity returns to institutional trading...

We investigate the robustness of the long-run underperformance of initial public offering (IPO) and seasoned equity offering (SEO) firms from 1975-1992. The conclusion that issuer underperformance is unique is questioned by our results. We find that underperformance is largely concentrated in...

In this paper we analyze a model of voluntary disclosure by firms in financial markets. We focus on externalities that arise when firm values are correlated and the disclosures made by one firm affect the valuation of other firms. In our model, firms can choose the precision of their disclosure,...

Analysts' forecasts of earnings play a key role in determining stock market valuations. In recent research, forecast errors have played an important part in explaining momentum and mean-regression effects in asset returns. Given that substantial amounts of wealth ride on the accuracy of these...

Upon accession to the European Union in 2004 Poland was considered quot;the Tiger of Europequot; in the development process. This included the development of the financial sector - the banking sector in particular. However, there has been need for a complete adaption of the Polish banking sector...

This paper is a first contribution to a relevant topic which is both theoretical and practical at the same time. Italian financial intermediaries are now obliged to find urgent solutions: in a very short time they have to invest huge sums to implement MIFID compliant procedures and behaviours....

Geographical deregulation in the 1980s and 1990s led to a wave of US bank mergers. A still unresolved issue is the role that distance between target and acquirer plays in the performance and efficiency of mergers. In theory, a nearby bank acquisition reduces monitoring costs while a distant...