The corporate philanthropy literature generally assumes corporate philanthropy is either voluntary or strategic. Institutional theory has downplayed coercion as an isomorphic mechanism. Using the case of China, this paper contributes to both literatures by demonstrating that state coercion can...

Using detailed mutual fund holdings in the US market, we estimate active mutual fund managers’ loss aversion as a function of both funds’ past performance and asset allocations. We document a substantial variation in loss aversion over time. We further find managers' loss aversion is higher...

We examine situations where the same fund manager simultaneously manages mutual funds and hedge funds. We refer to this as side-by-side management. We document 344 such cases involving 693 mutual funds and 538 hedge funds. Proponents of this practice argue that it is essential to hire and retain...

We argue that the purchase decisions of mutual fund investors are influenced by salient, attention-grabbing information. Investors are more sensitive to salient, in-your-face fees, like front-end loads and commissions, than operating expenses; they buy funds that attract their attention through...

The developmental trends of China's industrialization and urbanization were good during the period of the tenth five-year plan. During the ninth five-year plan China's industrialization process evolved from the first phase to the second phase of middle-stage industrialization. Compared with...

This paper analyzes the geographical preferences of hedge fund investors and the implication of these preferences for hedge fund performance. We find that funds of hedge funds overweight their investments in hedge funds located in the same geographical areas and that funds of funds with a...

The structure of this report is still similar to the previous versions in view of the application of similar methodology but it should be noted that one of the important accomplishments of this research study is the development of energy efficiency targets for the countries that did not have...

We examine situations where the same fund manager simultaneously manages mutual funds and hedge funds. We refer to this as side-by-side management. We document 344 such cases involving 693 mutual funds and 538 hedge funds. Proponents of this practice argue that it is essential to hire and retain...

We study a significant innovation with widespread consequences for the mutual fund industry: the introduction of multiple-class funds that give investors a choice among alternative load and fee structures. The transition to a multiple-class structure represents an important step in the evolution...