We explore the link between mutual funds and fragility risk in the corporate bond market. We classify a fund's trading style based on its responses to signals of large dealer inventories. Trading style is persistent and the majority of funds demand liquidity. Notably, a subset of funds earn...

Taxes have a first-order effect on investors' trading decisions and portfolio choices and on the equilibrium pricing of assets. In this review, we investigate how certain features of the tax code impact investors and asset markets. We begin by considering how tax heterogeneity across investors...

We study outcomes to ADR investments between August 1954 and September 2020, with attention to ADRs associated with Chinese firms. Overall, ADRs improved investors’ wealth by $1.03 trillion, with more than a third of this amount attributable to ADRs associated with Chinese firms. A...

We study long-run outcomes to those who invested in non-U.S. stocks through American Depository Receipts (ADRs) between August 1954 and September 2020, with particular attention to ADRs associated with Chinese firms. Overall, ADRs improved their investors’ wealth by $1.03 trillion, as compared...