Seasoned equity offerings (SEOs) typically provide investors with information, or signals, that are stock price relevant. This information, however, is generally intangible, meaning market participants have incomplete knowledge about its quality. Investors thus tend to regard it as ambiguous. To...

Distinguishing between switches, pre-authorized contributions, systematic withdrawal plans, reinvestments, and distributions, we find that different types of fund flow exhibit distinct characteristics to retail fund flow with respect to fund fees and past performance. We argue that the positive...

Private debt fund managers invest in debt positions of private companies through new issuances or secondary acquisition of loans. We examine which strategy performs best using data from over 400 investments into private companies located in 13 Asian countries between 2001 and 2015. Trading...

This paper provides a dissection of both mutual fund fees and flows into several categories, and presents evidence that relates specific components of fees to flows, and fees and flows to performance. For stand-alone funds that cannot be purchased directly from fund managers, fees that...

We examine the performance of investments made by private credit fund managers into over 440 private companies in 13 Asian countries from 2001 to 2015. We show that the returns to private debt investments are relatively uniform across size, country and industry despite diversity in legal and...

This paper examines the causes and consequences of mutual fund outsourcing to different types of service providers: advisors, custodians, administrators, and transfer agents. The data indicates outsourcing is less common among bank-managed funds, funds of leading groups, but more common among...

This paper examines the causes and consequences of mutual fund outsourcing to different types of service providers: advisors, custodians, administrators, and transfer agents. The data indicate outsourcing is less common among bank-managed funds, funds of leading groups, but more common among...

This paper introduces a cross-country law and finance analysis of the misreporting behavior in the hedge fund industry in terms of smoothing returns so that a fund consistently generates positive returns. We find strong evidence that international differences in hedge fund regulation are...

This paper examines the causes and consequences of mutual fund outsourcing to different types of service providers: advisors, custodians, administrators, and transfer agents. The data indicate outsourcing is less common among bank-managed funds, funds of leading groups, but more common among...