This paper examines whether the additional layers of delegation found in the pension fund industry generate agency costs that impair pension fund performance. Corporate treasurers, who have an incentive to reduce their own job risk, tend to hire pension fund managers with low tracking error....

We find that mutual fund investors are more likely to both purchase and redeem funds with high idiosyncratic volatility (IV). Investors' tendency to purchase high IV funds is largely driven by high IV funds having more extreme returns, which increases the salience of the fund. Including flexible...

This paper examines how the organizational structure of the defined benefit pension fund industry influence the investment decision and performance of pension fund managers. Corporate treasurers, who have an incentive to reduce their own job risk, tend to hire pension fund managers with low...

We study whether private interactions between firms and mutual funds during non-deal roadshows (NDRs) influence governance behavior. Funds headquartered in the city where the firm conducts an NDR are more likely to download proxy statements. They are also more likely to vote with management on...