We show causal effects of capital supply from mutual funds on municipal financing. We employ a novel identification strategy based on Morningstar star rating introductions to isolate the supply-side effects that are orthogonal to both fund and bond issuer fundamentals. The results using both...

This paper identifies the impact of fluctuations in the supply of capital from mutual funds on municipal bond financing and makes three contributions to the literature. First, we develop an identification strategy based on the Morningstar rating methodology at the moment that funds reach 5 years...

In this paper, we have sought to understand what has been the performance of university endowments, and what drives the observed pattern of performance. Our key observations are as follows: (a) the endowments of elite universities have grown dramatically faster than endowments overall; (b)...