We investigate the relationship between a mutual fund's variation in factor exposures and its future performance. Using a dynamic state space version of Carhart (1997)'s four factor model to capture factor variation, we find that funds with volatile factor exposures underperform funds with...

We examine the effect of the introduction of Morningstar's Sustainability Rating in March 2016 on U.S. mutual equity fund flows. Using panel regressions, propensity score matching, and an event study methodology we find strong and robust evidence that retail investors shift money away from...

We investigate the relationship between a mutual fund’s variation in systematic risk factor exposures and its future performance. Using a dynamic state space version of Carhart (1997)’s four factor model to capture risk factor variation, we find that funds with volatile risk factor exposures...

This dissertation contributes to two recent debates in the mutual fund literature: The impact of sustainability on mutual fund flows and the connection between fund activeness and mutual fund performance. In March 2016, Morningstar, one of the leading information providers in the mutual fund...

The authors address the issue of effectiveness of medical rehabilitation in terms of labor market outcomes by analyzing a large representative administrative panel data set for Germany. The research design focuses on socio-demographic group differences in before-after differences in days with...

We examine whether organizational climate for personal initiative (PI climate) is conducive to firm innovation in small and medium-sized firms. Employees with PI are self-starting, proactive, and persistent, and a PI climate is characterized by common norms of encouraging PI at the workplace. A...