Do returns in private equity (PE) rise or fall with fund scale? This question is increasingly urgent amid larger funds and new focus on the retail market. Since better managers can raise larger funds, the causal effect is difficult to identify. We develop an instrument based on gifts to...

This study aims to explore the potential impact of the anticipated Georgian Real Estate Investment Trusts (REITs) on the performance of investment portfolios. Due to the absence of Georgian REITs, a simulated financial asset representing a Georgian Residential REIT was engineered. The study...

Using tax filings from 374,351 U.S. nonprofit organizations from 2008 to 2020, we provide the first large-scale analysis of endowment prevalence, function, asset allocation, and returns. Endowment use varies systematically across sectors and revenue models. Organizations with endowments scale...

This paper analyzes the impact of disclosures of sustainable investment targets under the EU Sustainable Finance Disclosure Regulation (SFDR) on mutual fund flows. Using a staggered difference-in-differences setup and focusing on retail-oriented index funds, we find that sustainable investment...

Using hand-collected data on European auto asset-backed securities (Auto ABS), we examine the role of mutual funds in financing the transition to zero-emission mobility. Mutual funds, particularly those with a green mandate, tend to have a higher exposure to sustainability-transparent Auto ABS...

This study argues that investors' behavior may provide more clear explanation about the caution of Indonesia mutual fund crisis in 2005. The aim of this study is to develop and test the hypothesis of heuristic decision process mechanism of investors' behavior that would not valid due to complex...

We examine the portfolio holdings of Funds of Hedge Funds (FoFs) to identify the channels through which FoFs add value for their clients. FoFs offer access to a diversified portfolio of funds that would be costly for constrained investors to manage on their own. Though we find only limited...

Mutual fund portfolio turnover ratios (PTR) are at the center of the short-termism debate, which criticizes corporate maneuvers taken to prop up near-term earnings at the expense of long-term, value focused investments and policies. Scholars and policymakers often rely on portfolio turnover...

Many funds have “ESG” in their names, suggesting they hold a portfolio of stocks or other assets issued by firms that rank highly on ESG criteria. However, names may be misleading and actual portfolio holdings often do not reflect ESG investing criteria so that the investor in such funds...

We examine return connectedness between the largest US-based oil and gold ETFs and three major travel & leisure ETFs. Such analysis provides substantial value when understanding how investors can diversify sectoral risk. This research also compares several portfolio strategies to explore the...