We show that active equity funds deliberately alter their factor loadings rather than maintaining a constant style. Changes are larger following quarters in which funds either under- or out-perform other funds based on returns or fund flows. Motivated by this observation, we identify a new...

This paper shows that mutual funds tend to substantially alter their factor loadings following quarters in which they either under- or out-perform other funds based on returns or fund flows. These loadings changes are not mechanical but rather a result of deliberate trading decisions. We propose...

We compile a comprehensive dataset of adverse cyber events experienced by U.S. firms. We then categorize cyber incidents by their detrimental impacts on firms' assets and operations and show that firms suffer significant value losses across multiple cyber categories. These losses also spill over...

This study demonstrates that the U.S. equity premium has declined significantly during the last three decades. The study calculates the equity premium using a variation of a formula in the classic Gordon stock valuation model. The calculation includes the bond yield, the stock dividend yield,...