Using a large sample of monthly gross flows from 1997 to 2003, we uncover several previously undocumented regularities in investor behavior. First investor purchases and sales produce fund-level gross flows that are highly persistent. Persistence in fund flows dominates performance as a...

The non-linear relation between mutual fund performance and subsequent net flows is well documented in the mutual fund literature. The extant literature generally ascribes the absence of net outflows in the face of poor performance to inactivity by existing fund investors (i.e., they do not to...

Mutual fund advisors make portfolio decisions for their funds on a daily basis. We examine the location of those portfolio decision rights on two dimensions. First, we consider the geographic location of the decision rights. Second, we consider whether the decision rights remain with an advisor...

This paper investigates the influences of intrafirm geographic and cultural dispersion, the distance between the location of a firm's investments and its headquarters, on the firm's information environment. Specifically, using a sample of publicly traded real estate companies across the...

This study investigates the determinants of capital structure decisions by real estate firms, with a specific focus on the impact of political risk on leverage. Using a sample of Asia-Pacific REITs and listed property trusts, we find those firms with properties located in countries characterized...

This paper examines advisor choice decisions by publicly traded REITs and listed property companies in Asia-Paciic real estate markets. Using a sample of 168 firms, we find robust evidence that firms strategically evaluate and compare the increased agency costs associated with external...

We examine if a floating NAV increases the transparency of risk for investors. Using closed-income fixed income funds we find little evidence that a floating NAV helps investors better understand the value and risk of a fund when a fund’s assets trade infrequently. This potentially informs the...