Recent literature indicates that a liquidity investment style – the process of investing in relatively less liquid stocks within the liquid universe of publicly traded stocks – has led to excess returns relative to size and value. While previously documented at the security level, we examine...

Chinese fund manager performance is interesting because in a market dominated by speculative retail trading, we expect professional fund managers to have persistent edge. Using data on the Chinese mutual fund industry, the authors compute a new skill measure to identify exceptional funds with...

In this paper I document the heterogeneous response of investors to fund performance across Socially Responsible Investing (SRI) funds versus conventional funds. I first show that the Morningstar categorization of funds into socially responsible (static classification) versus conventional is...

Student managed investment funds provide students the opportunity to manage a portfolio of real dollar investments and earn academic credit. Student managed funds typically benefit a University through improved course offerings within the field of finance where academic knowledge and practical...

Research suggests certain investors face significant information disadvantages, particularly during earnings announcements. We investigate whether financial analysis on Seeking Alpha, a prominent social media platform hosting original financial analysis, can mitigate this disadvantage. First, we...

A widespread concern in the investment industry is whether commonly used investment management fee arrangements encourage investment managers to act in their clients' interests. The value to managers of a one-period call performance fee is maximized by maximizing performance volatility. This is...

The accomplishment of a MF (Mutual Fund) be contingent upon the knowledge and self-confidence level of the investors. The pattern of the investment differs with age, education, gender, occupation etc. The current study is conducted with the purpose of assessing the consciousness level of the...

This paper establishes a new empirical fact: mutual funds' flow-performance sensitivity is a hump-shaped function of aggregate risk-factor realizations. Explanations based on extant theories can only explain a fraction of the pattern. We thus develop a new parsimonious model. It assumes Bayesian...

The perception about gold in India has come a long way from the days when its main function was to merely adorn and act as a status symbol. The emotional investment in the metal was so huge that parting with it seemed unthinkable. Consequently, it seldom yielded worthwhile returns. Now, however,...

The exchange-traded fund (ETF) market has become the most important development of the financial markets over the last decade. I show that the network of the ETF market — the linkages between ETFs based on portfolio weights — catalyzes the propagation of price dislocations, the gaps between...