We study managerial turnover for both internally managed mutual funds and those managed externally by subadvisors. We argue that turnover of subadvisors provides sharper tests of any underlying board and sponsor monitoring because these data are heavily weighted toward involuntary turnover. We...

We study innovation and product differentiation using a uniqueness measure based on textual analysis of prospectuses. We find that small and startup families have higher start rates than larger families and their products are more unique. Unique strategies attract more inflows in the first three...

We examine changes in equity mutual funds' investment advisory contracts. There are substantial advisory compensation rate changes in both directions, with typical percentage rate shifts exceeding one-fourth. We find that rate increases are associated with superior past market-adjusted...

The market for passive ETFs and passive ETF benchmarks has exploded in the past decade. ETF sponsors get index benchmarks from brand name index providers (e.g., S&P, Russell, MSCI), a large number of smaller providers, or internally. We find that benchmark and index provider characteristics are...