We present evidence that equity momentum strategies are partially driven by positive-feedback trading intermediated via the mutual fund sector. We identify a U.S.-specific structural break to this channel that substantially weakened the relationship between fund flows and past style returns. As...

We document gender differences in reactions to failure in the National College Entrance Exam, an extremely high-stakes exam that solely determines college admission outcomes for almost all teenagers in China. Using unique administrative data in Ningxia Province and a regression-discontinuity...

Most ETFs passively replicate the performance of an index that is constructed and maintained by an index provider. We show that index providers wield strong market power and charge large markups to ETFs, which are passed on to investors through management fees. We document three stylized facts...