Does leverage drive investor ows in bond mutual funds? Leverage can increase fund returns in good times, but it can … also magnify investors' losses and their response to bad performance. We study bond fund ows to provide new evidence for … findings suggest that leverage amplifies fragility in the bond mutual fund sector. …

pricing channel in addition to any direct dissemination impact. TRACE-associated improvement in bond valuation precision …

in price dispersion. TRACE-associated decreases in crossfund bond mark dispersion provide indirect support for …

This paper investigates whether bond fund managers with credit rating experience outperform their peers. We document … that bond fund managers who previously worked in credit rat- ing agencies on average create higher risk-adjusted returns …

performance, risk management, and flows of bond mutual funds. Measuring active share at both the issue and issuer level, the … average bond fund has an issue-level (issuer-level) active share of over 90% (60%). Funds with higher issuer-level active … share persistently earn higher alphas, which helps explain the relatively slow growth of passively managed bond funds …

; corporate bonds – -3.35 percent; non-bond (mostly share) funds – -3.62 percent. Such underperformance, which is statistically … – -0.69 percent; corporate bonds – -1.72 percent; non-bond (mainly share) funds – -1.00 percent. The underperformance …