Despite the conventional wisdom that the equity and bond markets are segmented, the organizational structure of mutual … cross-asset segmentation. We find that actively managed equity funds and corporate bond funds exhibit significant comovement … as a whole. Our findings accentuate the importance of collaboration between equity and bond fund managers, which is …

frictions regarding cross-asset segmentation. We find that actively-managed equity funds and corporate bond funds linked within … accentuate the importance of collaboration between equity funds and bond funds within fund families …

; corporate bonds – -3.35 percent; non-bond (mostly share) funds – -3.62 percent. Such underperformance, which is statistically … – -0.69 percent; corporate bonds – -1.72 percent; non-bond (mainly share) funds – -1.00 percent. The underperformance …

. The indifference price of the zero-coupon bond is the price at which the investor could achieve the same expected utility … under both strategies. In an affine term structure setting, we show that the indifference price of the zero-coupon bond is …