We identify strong and robust evidence of strategic performance allocation in the institutional money management industry, directed toward strong recent performers. The extent of strategic performance allocation varies with the product's client power. Strategic performance allocation is...

This paper analyzes the relation between price informativeness and trading frequency. We develop a sequential trading model to capture the tradeoff between trading more frequently and acquiring more information. The key component of the model is the cost of information collection and processing....

Recent defined benefit (DB) pension freezes in large healthy firms such as Verizon and IBM, as well as terminations of plans in the struggling steel and airline industries, highlight the fact that these traditional pensions cannot be viewed as risk-free promises from the employee's perspective....