This paper studies daily investor flows to and from each money market mutual fund during the period prior to and including the money fund crisis of September and October 2008. We focus on the determinants of flows in the prime money fund category to shed light on the covariates of money fund...

The equity style orientation of an institutional portfolio has a large influence on its yearly returns. This paper analyzes the causes and consequences of portfolio "style drift" among U.S. equity mutual funds by developing new portfolio holdings-based measures of drift. These holdingsbased...