Analyzing cross sectional determinants of fund flows, this study finds evidence that investors' risk aversion is time …-varying. In particular, the periods over which the increases in risk aversion are observed are associated with contemporaneously … low market returns, suggesting that increases in aggregate risk aversion increases the discount rate thereby lowering …

managers to achieve better returns, but they could also result in excessive risk taking. While we find evidence that these …

. Using factor models of risk and the estimated dollar-weighted performance gap, we find that the real alpha of hedge fund …, and are only marginally higher than the risk-free rate as of the end of 2008. The combined impression from these results …

mutual fund investors consider climate-related transition risk to be an undesirable fund feature and accordingly allocate … more money to funds with lower climate-related transition risk. The size of the impact of this risk on fund flows differs …

most to market risk (beta) when evaluating funds and treat returns attributable to size, value, momentum, and industry …

We study a regulation that increased mutual funds' risk salience through name change. Using daily fund flow data and … their exposure to the particular risk highlighted by the regulator …