In the interest of consumer financial protection, most households do not have access to the hedge fund market. We show that this creates an inequality of investment opportunities. Wealthy households can access this market, and while these retail investors behave very differently from...

Introduction -- Chapter I: The Early American Corporation -- Chapter II: Adolf Berle and the Modern Corporation -- Chapter III: The Rise of Asset Manager Capitalism -- Chapter IV: The Emergence of the Shareholder Primacy Paradigm -- Chapter V: The New Stakeholder Capitalism and ESG -- Chapter...

This paper examines the causes and consequences of hedge fund investments in exchange traded funds (ETFs) using U.S. data from 1998 to 2018. The data indicate that transient hedge funds and quasi-indexer hedge funds are substantially more likely to invest in ETFs. Unexpected hedge fund inflows...