We show that mutual fund ratings generate correlated demand that creates systematic price fluctuations. Mutual fund investors chase fund performance via Morningstar ratings. Until June 2002, funds pursuing the same investment style had highly correlated ratings. Therefore, rating-chasing...

Rational investors should account for risk factor exposure when allocating capital to mutual funds. Two recent influential studies use mutual fund flows to test whether investors distinguish between performance driven by managers' skill and systematic risk factors. Both studies found that...

Purpose: Aim at making a scheme for emergency spare parts the support problem when large equipment spare parts supply network faced with large-scale emergency events. Design/methodology/approach: In order to analyze the model, we establish the spare parts security model under network supply...