This study presents a theoretical and experimental investigation into the effects of competition and team incentives on dishonest behavior. We develop a singleagent decision model that incorporates loss aversion and a lying cost to examine the impact of these incentives. Our theoretical analysis...

The active money management industry has been characterized by both strong competitive pressure from passive investment vehicles and high fees. This paper investigates how the introduction of low-cost index funds affects fund company strategies. The retail mutual fund market is segmented, where...

This paper estimates the effect of competition from low-cost index funds on fees in the money management industry. A difference-in-differences analysis exploiting the staggered entry of index funds finds that while actively managed funds sold directly to retail investors reduce fees by six...