This study identifies restraining effects of scientist independent directors (SIDs) on firm over-investment. This conclusion remains robust after a two-stage Heckman test, a placebo test, and an instrumental variable test. The restraining effects mainly exist within a sample of SIDs with board...

Using a detailed stockholding for a comprehensive sample of Chinese open-end equity mutual funds from 2004 to the first half of 2010, we investigated the effect of economy of scale and liquidity on the relationship between fund size and performance. We find that an inverted U-shape relationship...