This thesis consists of three essays on the interaction of investor clienteles and mutual fund behavior. The first essay (Cici, Kempf, and Sorhage 2015, Do Financial Advisors Provide Tangible Benefits for Investors? Evidence from Tax-Motivated Mutual Fund Flowsʺ) adds to the literature on fund...

This thesis contains three papers. Each paper addresses a distinct research question and is implemented on a separate dataset. The first paper concludes that daytime auctions, together with market opening and closing intervals, contribute to the periodicity of the cross-section of stock returns....