We examine a sample of U.S. mutual funds and find that, between 2003 and 2018, 28 funds have changed their name to a sustainability-related appellation. Following the name change, we observe three main outcomes: (i) an increase in fund flows, (ii) a significant rise in portfolio turnover, and...

An emerging literature has shown that investors are sensitive to mutual fund names. Using a sample of US equity funds over the period 1993-2017, we provide evidence that funds with a name closer to the family's name attract more flows and display a stronger performance-flow relationship. We also...

Active Share is a popular measure of active management. However, it is not clear what drives Active Share. To improve our understanding, we decompose Active Share into Active Stock Selection (ASE) and Active Stock Weights (ASW). ASE captures portfolio weights in stocks outside the portfolio...

In this paper, we provide an in-depth analysis of the performance of newly launched mutual funds. We highlight a positive connection between past performance of families and subsequent new fund performance among top deciles. Moreover, we present a new performance measure for newly launched funds...

This paper examines the relationship between the volatilities of equity indexes returns and FX rates for a set of emerging countries. We study the sensitivity of sector indexes volatility to FX rates volatility of local currencies with respect to the U.S. Dollar, the British Pound, and the...

The tournament hypothesis of Brown et al. (1996) conjectures that mutual funds with a below average performance over the first half of the year tend to increase their risk in the second half of the year. Schwarz (2012) argues that the methodologies that have been used to test this hypothesis are...

The tournament hypothesis of Brown et al. (1996) posits that managers of poorly performing funds actively increase portfolio risk in the second half of the year. At the same time, it is a well-established stylized fact that stock returns and the subsequent return standard deviation are...