Most mutual funds use day-old fund holdings but current-day prices to calculate net asset values. This practice, sanctioned under SEC Rule 2a-4, results in deviations between reported net asset values (NAVs) and returns and the economic values of those quantities. Using a sample of 26 funds'...

In this paper, we examine a little known aspect of mutual fund accounting, whereby funds do not use contemporaneous fund holdings to calculate net asset values. This practice, sanctioned under SEC Rule 2a-4, uses stale portfolio holdings and gives rise to deviations between reported net asset...

Most mutual funds use day-old fund holdings but current-day prices to calculate net asset values (NAVs). This practice, sanctioned under SEC Rule 2a-4, results in deviations between reported NAVs and returns and the economic values of those quantities. Using a sample of 26 funds' trading data,...

In this paper, we examine a little known aspect of mutual fund accounting, whereby funds do not use contemporaneous fund holdings to calculate net asset values. This practice, sanctioned under SEC Rule 2a-4, uses stale portfolio holdings and gives rise to deviations between reported net asset...

The works contained in this volume, 'Supply without Burthen' and 'Proposals relative to divers modes of Supply', were drafted by Bentham in 1794, during an intense period of activity in which he set out systematically to review possible sources of public revenue. Bentham had long believed that...

This paper examines the impact of fiscal policies on both the size and educational levels of immigrants in destination countries. We find that whether or not a country’s policies are attracting highly educated immigrants goes beyond the issue of the “welfare state”. Immigrants are making...