We evaluate how work experience in mutual funds affects manager skills after they switch to private funds. Using a proprietary Chinese private fund database from 2012 to 2016, we document that, despite their work experience in mutual funds, switched private fund managers significantly...

We evaluate the economic consequences of the performance commitment clauses for acquisition deals from 2007 to 2017 in China. We find that acquisition aggressiveness is positively associated with failure of delivering performance commitment. Such effect is alleviated in cash-paid deals but is...

Green innovation is an effective approach to break the constraints of resource availability and environment protection that the firms face. China has set up the political inspection team to fight against corruption and deepen reform of state-owned firms in recent years. From 2013 to 2015,...

We investigate the association between fund exposure of economic policy uncertainty (EPU) and flows of exchange-traded funds (ETFs) using a unique sample of U.S. global ETFs from 2012 to 2018. We find that fund exposure of EPU is negatively associated with flows after controlling for returns,...