performance, risk management, and flows of bond mutual funds. Measuring active share at both the issue and issuer level, the … average bond fund has an issue-level (issuer-level) active share of over 90% (60%). Funds with higher issuer-level active … share persistently earn higher alphas, which helps explain the relatively slow growth of passively managed bond funds …

pricing channel in addition to any direct dissemination impact. TRACE-associated improvement in bond valuation precision …

This paper investigates whether bond fund managers with credit rating experience outperform their peers. We document … that bond fund managers who previously worked in credit rat- ing agencies on average create higher risk-adjusted returns …

This paper employs data on corporate bond mutual fund flows to investigate bond investments under low interest rates …. In response to the Fed’s lower interest rate policy, we find that investment-grade bond funds receive inflows, while high …-yield bond funds are not responsive. This result can not be explained by investors’ incentive to reach for yield, but by the …

discrepancy causes alpha to deviate from the active bond selection performance it is supposed to measure. Performance ratings and …

We document significant outperformance by government bond funds on important macro announcement days such as FOMC and …

This paper studies the role of mutual fund yield in driving investor flows and performance of bond funds. Using two … common measures, the SEC yield and 12-month distribution yield, we find strong evidence that investors tend to chase bond … funds with higher yields, even after controlling for total fund returns and fund ratings. Although bond funds with higher …

This paper provides a comprehensive examination of money flows in corporate bond funds which, though less researched …, represent an important setting to study investor behavior. Based on a large sample of corporate bond funds over 1991–2014, we …

-performance relation. This study is the first consistently analyzing the activity-performance relation in corporate and government bond … funds since the 1980s. Contrasting equity funds, bond fund performance negatively relates to higher activity, especially to …. Thus, higher activity does not pay for bond funds! Digging deeper into the sources of the relation for corporate bond funds …

Corporate bond mutual funds engage in liquidity transformation, raising concerns among academics and policymakers that … large redemptions will lead to asset fire sales. We find little evidence, however, that bond fund redemptions drive fire … attribute our findings, which contrast with those found for equity funds, to funds' liquidity management strategies. Bond funds …