Purpose: This paper aims to demonstrate that corporate philanthropy can be driven from the bottom to the top. In particular, the authors investigate whether employees’ donations influence corporate philanthropy and under what conditions this effect occurs. Design/methodology/approach: The...

Using detailed data about company visits by Chinese mutual funds, we provide direct evidence of mutual fund information acquisition activities and the consequent informational advantages mutual funds establish in local firms. Mutual funds are more likely to visit local and nearby firms, though...

We show that hedge fund managers who better understand the dynamic U.S. political landscape actively adjust the political sensitivity of their portfolios and improve their investment performance. Specifically, around U.S. Presidential elections, funds that tilt their portfolios toward market...

The use of short sales by mutual funds has increased significantly over the last decade. In this paper, we provide a first look at short selling by mutual funds, a phenomenon not examined by prior research. The mutual funds that use short sales do so frequently and in significant amounts,...

The use of short sales by mutual funds has increased significantly over the last decade. In this paper, we provide a first look at short selling by mutual funds, a phenomenon not examined by prior research. The mutual funds that use short sales do so frequently and in significant amounts,...

In 1996, the first exchange-traded funds (ETFs) designed to track a subset of the Morgan Stanley Capital International country indices were approved under the name World Equity Benchmarks (acronym "WEBS"(TM)). We examine the impact of early WEBS-trading on the liquidity of corresponding...

This article uses intraday data for the year 1992 to investigate the effect of trading halts on price discovery for stocks traded on the New York Stock Exchange. The results show that the degree of benefits from trading halts depends on the types of halts and significance of the news items. It...