We perform an extensive examination of how the new Morningstar rating system, introduced in June 2002, predicts future fund performance. Specifically, we examine all domestic equity funds that were rated by Morningstar as of June 30, 2002. We then examine the performance of these funds over the...

This paper represents the first attempt, to our knowledge, to empirically examine the relationship between the quality of Chief Executive Officer (CEO) education and firm performance. This is an important question as many papers in the management literature have postulated that managers with...

We examine the effect that an initial 5-star Morningstar mutual fund rating has on future fund performance, strategy, risk-taking, expenses, and portfolio turnover. Using a sample of diversified domestic equity funds from the 1990s we find that three-years after a fund received its initial...

We study the association between environmental, social, and governance (ESG) government risk management and firm-level IPO underpricing between 2008 and 2018. Examining 7,446 IPOs issued in 36 countries, we find that IPO underpricing tends to be lower in countries with higher ESG Government...

Closet indexing is the practice of staying close to the benchmark index while still claiming to be an active mutual fund manager and charging active-management fees. Recent work shows that active mutual fund managers are more likely to closet index during down markets. Around the time of the...

A number of well-known practitioners such as Warren Buffett and Jeremy Siegel have long advocated a strategic asset allocation in which investors hold a majority of their assets in equities. However, in this simple straightforward study we find that in order to maximize the well-known Sharpe...

Previous research suggests that deferred-load mutual funds should, all else being equal, be able to attain better long-term performance than front-load or no-load mutual funds. The reason for this is that deferred- load funds can dissuade redemptions better than these other funds and hence can...