This paper documents a high and increasing capital concentration in the bond fund industry over the past three decades. Large funds deliver better performance and receive larger inflows than small funds, which explains the concentration of bond funds. However, large funds take more risks by...

This paper shows that low-expense index funds draw investor attention to a fund family, and the investors' subsequent incomplete search within funds in the family raises flows of actively managed funds in the same family by 10%. These spillover effects are more salient among retail investors and...

We provide an overview of research on the stock trading behavior of individual investors. This research documents that individual investors (1) underperform standard benchmarks (e.g. a low-cost index fund), (2) sell winning investments while holding losing investments (the “disposition...

Intro -- Contents -- Foreword -- Preface -- Acknowledgments -- Introduction -- Part One: Game Change -- 1 Industry Challenges -- 2 Why Johnny Can't Improve -- 3 New Analytic Framework -- 4 Process and Behaviors -- 5 Feedback in Action -- 6 Phantastic Risks -- Part Two: Behavioral Matters -- 7...