Previous research indicates that a lack of financial sophistication might explain the past strong growth in active management. We construct an objective financial literacy score and analyze the relation between financial literacy and mutual fund investment behavior. We show that there is a...

We find that the aggregate asset allocation decisions of US mutual fund investors depend on economic conditions. Both anticipated economic downturns and periods of turmoil lead investors to direct flow away from risky equity funds and towards lower-risk money market funds. These patterns are...

We study the impact of green investors on stock prices in a dynamic equilibrium model where investors are green, passive or active. Green investors track an index that progressively excludes the stocks of the brownest firms; passive investors hold a value-weighted index of all stocks; and active...

Says Bill Ackman of Pershing Square Capital Management about The Art of Value Investing: ""I learned the investment business largely from the work and thinking of other investors. The Art of Value Investing is a thoughtfully organized compilation of some of the best investment insights I have...

Cover -- Title Page -- Copyright -- Contents -- Preface -- Introduction: For Whom Is This Handbook, and Why? -- Acknowledgments -- About the Author -- Chapter 1: The Building Blocks of Investment Writing -- What's Investment Writing All About? -- Applying Journalistic Principles to Investment...

This book examines the daily problems of responsible investment practitioners. It emphasizes the importance of asking the right questions as well as getting the right answers; and of process as well as product. It raises questions about the very purpose of investment and the responsibilities of...

Explores the practicalities of implementing responsible investment strategies; the outcomes that have been achieved; the practical issues and barriers faced; and the challenges to be faced if responsible investment is to become a mainstream investment approach. This book is for those involved in the...