We compare fund flows and asset valuations of bond mutual funds whose managers concurrently manage portfolios with performance-based fees and those whose managers do not. We find that bond mutual funds whose managers concurrently manage portfolios with performance-based fees receive less fund...

Environmental, social, and governance (“ESG”) scores have been widely touted as indicators of share price resilience during the COVID-19 humanitarian crisis. We undertake extensive analyses to investigate this claim and present robust evidence that, once the firm's industry affiliation and...

Managers investing on behalf of pension plan sponsors (i.e. pension funds) face greater fiduciary responsibilities and more stringent investment mandates than mutual funds. These constraints may reduce the information content of pension fund trading. Consistent with this view, we find that the...