Using manager compensation disclosure and intra-family manager cooperation measures, we create indices of family-level competitive/cooperative incentives. Families that encourage cooperation among their managers are more likely to engage in coordinated behavior (e.g., cross-trading,...

We ask whether mutual funds' flows reflect the incentives of the brokers intermediating them. The incentives we address are those revealed in statutory filings: the brokers' shares of sales loads and other revenue, and their affiliation with the fund family. We find significant effects of these...

We examine team diversity and performance using the asset management industry as a laboratory. Employing political affiliation as a proxy, we find ideologically diverse teams perform better than homogeneous teams. The mechanism involves both improved decision-making due to more diverse...

We examine the optimal portfolio choices of young and old fund managers in a calibrated dynamic life-cyle model of the active manager's investment problem. The optimal policies of any manager depend on age, the wealth to labor income ratio, the value of the manager's private information, and...