Each year, the Investment Company Institute (ICI) conducts a telephone survey of US households to track households’ ownership of mutual funds and to gather information on their demographic and financial characteristics. The most recent survey was conducted from May to June 2020 and was based...

We examine whether bank connections via common mutual fund ownership serve as a contagion channel affecting the systemic risk of the banking system. We first document that the extent of a bank’s connection with other banks via common ownership increases its contribution to systemic risk. We...

Each year, the Investment Company Institute (ICI) conducts a telephone survey of US households to track households’ ownership of mutual funds and to gather information on their demographic and financial characteristics. The most recent survey was conducted from May to June 2022 and was fielded...

Each year, the Investment Company Institute (ICI) conducts a telephone survey of US households to track households’ ownership of mutual funds and to gather information on their demographic and financial characteristics. The most recent survey was conducted from May to June 2021 and was based...

This paper studies the flow-performance relationship of three different investor groups in mutual funds: Households, financial corporations, and insurance companies and pension funds, establishing the following findings: Financial corporations have a strong tendency to chase past performance and...

This paper studies the flow-performance relationship of three different investor groups in mutual funds: Households, financial corporations, and insurance companies and pension funds, establishing the following findings: Financial corporations have a strong tendency to chase past performance and...

We provide a rationale for window dressing where investors respond to conflicting signals of managerial ability inferred from a fund's performance and disclosed portfolio holdings. We contend that window dressers take a risky bet on their performance during a reporting delay period, which...

We provide a rationale for window dressing where investors respond to conflicting signals of managerial ability inferred from a fund's performance and its disclosed portfolio holdings. We contend that window dressers take a risky bet on their performance during a reporting delay period, which...

This study investigates whether the relation between macro-level fund flow and market returns varies between the retail and institutional fund management markets. We find evidence of a contemporaneous relation between flow and market return for retail funds and also find evidence to support the...

We provide the first in-depth examination of exchange-traded funds (ETFs) within actively managed mutual fund (AMMF) portfolios to better understand why AMMFs make substantial investments in passive ETFs. We examine the association between holding ETF positions and AMMF performance, as well as...