This paper reviews the Farber, Rothstein and Valletta (2015)'s study on the relationship between Unemployment Insurance (UI) Benefit and Unemployment Reduction in the United States. Following their research, this paper considers the individual's decision on labour supply based on Neoclassical...

This paper analyzes the geographical preferences of hedge fund investors and the implication of these preferences for hedge fund performance. We find that funds of hedge funds overweight their investments in hedge funds located in the same geographical areas and that funds of funds with a...

We examine whether investor sentiment affects hedge fund companies' decision to start new funds. We find significantly more fund inceptions in hot markets than in cold markets. Moreover, funds opened in hot markets exhibit weaker subsequent performance, higher risk of fraud, and shorter...

In this study we investigate the effects of social considerations on the investment behavior of mutual fund managers. We propose a measure of investments in corporate social responsibility (CSR) by fund managers that captures the level of a manager's tendency to invest in firms that engage in...

The paper builds an econometric model for estimating the volatility of unobserved efficient price change using tick by tick data. We model the joint density of the marked point process of duration and tick by tick returns within an ACD-GARCH framework. We first model the duration variable as an...

Previous literature has found that stock returns comove more than fundamentals. In this paper, I document the role of institutional clienteles in generating the comovement. To define clienteles, I apply clustering algorithms to institutional holdings. I find that the majority of institutional...

This paper studies the joint distribution of tick by tick returns and durations between trades. Returns are decomposed into changes in full information prices and microstructure noise, but the noise is modeled in accordance with various models of market microstructure allowing rich correlation...

This paper documents a high and increasing capital concentration in the bond fund industry over the past three decades. Large funds deliver better performance and receive larger inflows than small funds, which explains the concentration of bond funds. However, large funds take more risks by...

The electric field manipulation of a magnetic order is a key feature of advanced information technologies and the development of room-temperature multiferroic magnetoelectrics remains an important task. In this work, we report novel single-phase magnetoelectric (ME) films consisting of a (Co...