Using a proprietary dataset of daily mutual fund trades, we document strong evidence of manager skills in the Finnish market for both buys and sells. We find that manager's risk-adjusted outperformance lasts up to five days. Additionally, we find that the capital-weighted average of trade...

This study provides a first consistent answer to the important question of whether decarbonizing institutional portfolios affects the stock prices of carbon-intensive companies and if it contributes to the reduction of carbon emissions. With a new method to identify decarbonization trades in a...

This article provides a novel methodology to investigate the influence of share ownership on corporate decision making. Quantifying the characteristics of firms' owners based on their measurable investment habits enables us to assess their predominant preferences. We demonstrate that a...

We investigate carbon risk in global equity prices. We develop a measure of carbon risk using industry standard databases and study return differences between brown and green firms. We observe two opposing effects: Brown firms are associated with higher average returns, while decreases in the...

Previous research has suggested that information processing and hierarchy costs play a role in firm-level diseconomies of scale. Using separate accounts (SAs) as a laboratory, we examine if these costs vary across investment style (quantitative vs. fundamental) and what role, if any, they play...

This study investigates the characteristics and performance of separately managed accounts (SAs), focusing on differences between retail and institutional investor types. It finds that institutional SAs outperform retail and mixed SAs in terms of risk‐adjusted returns, primarily driven by...

German abstract: Hinreichend ambitionierte CO2 ‐Preise lenken Realinvestitionen grundsätzlich in die richtige Richtung. Wenn deren Einführung der Politik jedoch nicht gelingt, bedarf es anderer Instrumente, um eine Fehlallokation von Kapital zu verhindern. Wir schlagen daher im Zuge des...

This paper evaluates fund managers’ trading skills using a novel dataset of daily mutual fund transactions. We document strong evidence of short term trading performance for both buys and sells lasting up to one month. By establishing a link between a fund’s trades, holdings, and reported...