During the last decade, the U.S. mutual fund industry experienced an unprecedented movement toward passive investments. We tie this shift to underperformance in active funds stemming from a reduction in alpha opportunities. As alpha opportunities decrease, performance predictors like Active...

We examine the determinants and consequences of broker-hosted investor conferences. We find the number of brokers hosting a firm at conferences is positively related to institutional ownership and intangible assets, consistent with greater client demand for management access among hard-to-value...