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...

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...

The aggregate portfolio of Chinese actively managed stock mutual funds exhibits a large and significantly positive alpha. Results from bootstrap simulations indicate that most Chinese active stock mutual fund managers have skill. A substantial amount of their outperformance can be attributed to...

I collect a registry-based dataset on the personal portfolios of Swedish mutual fund managers. The managers who invest personal money in the very same funds they professionally manage outperform the managers who do not. The main results are consistent with a Berk and Green (2004) equilibrium in...

We study the agency implications of increased disclosure using a regulatory change in the mutual fund industry as an experimental setting. This quasi-natural experiment mandated more frequent portfolio disclosure, which we show imposes managerial skill re-assessment risks from investors on funds...

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...

I collect a registry-based dataset on the personal portfolios of Swedish mutual fund managers. The managers who invest (a lot of) personal money in their own funds generate positive abnormal returns. Some managers are betting on their best ideas by investing personal money in individual...

The Exchange Traded Fund market is growing, and passive investors need to have reasonable grounds for choosing this investment vehicle as well as robust selection criteria. The author motivates the assertion that a tracker performance must be assessed relative to its benchmark index and not be...

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...