This paper investigates what predicts corporate governance in emerging markets. Specifically, we examine what predicts governance changes and the level of governance itself. To conduct this study, we utilize a unique data set from AllianceBernstein that consists of monthly firm-level corporate...

This study examines whether higher-paid workers have significantly higher rates of return on their 401(k) retirement accounts than lower-paid workers. This topic received considerable attention when Brooks Hamilton, a prominent benefits consultant, stated on the PBS program Frontline that the...

The study reported here identified an age bias in the Morningstar mutual fund ratings. I found that the average overall star ratings of seasoned funds are consistently - and in many cases, significantly - higher than the average overall star ratings of younger funds. This bias is not the result...

The efficient markets hypothesis in finance suggests that as equity markets are liberalized and made more open to the public, equity prices should reflect the increased availability of information and be more efficiently priced. In this paper, we examine whether emerging market equity prices...

The “file drawer problem” is a publication bias where editors of journals are much more likely to accept empirical papers with statistically significant results than those with non-significant results. As a result, papers that have non-significant results are not published and relegated to...

In the wake of the market timing and late trading mutual fund scandals, many mutual funds adopted redemption fees to limit market timing. In this paper we investigate the impact of redemption fees on the risk-adjusted performance of U.S.-based international equity funds, the very funds that many...

This short paper examines the absence of change in the current best-selling introductory finance textbook, Ross, Westerfeld and Jordan's Fundamentals of Corporate Finance. The first edition was published in 1991 and the current edition, the tenth, was published in 2012. We do not attempt an...

In the wake of the market timing and late trading mutual fund scandals, many mutual funds adopted redemption fees to limit market timing. In this paper we investigate the impact of redemption fees on the risk-adjusted performance of U.S. based international equity funds, the very funds that many...

This study examines whether more highly paid workers have significantly higher rates of return on their 401(k) retirement accounts than lower paid workers. This topic received considerable attention when Brooks Hamilton, a prominent benefits consultant, stated on the PBS program Frontline that...

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...