Cash flows between investors and funds are both cause and effect in a complex web of
economic decisions. Among the issues at stake are the prospects and fees of the funds, the …

With a year of equity loans by a major lender, we measure the effect of actual short-selling
costs and constraints on trading strategies that involve short-selling. We find the loans of initial …

The literature documents a convex relation between past returns and fund flows of mutual
funds. We show this to be consistent with fund incentives, because funds discard exactly those …

We present evidence that fund managers inflate quarter‐end portfolio prices with last‐minute
purchases of stocks already held. The magnitude of price inflation ranges from 0.5 percent …

This article provides a comprehensive study of survivorship issues using the mutual fund
data of Carhart (1997) . We demonstrate theoretically that when survival depends on …

We ask whether mutual funds’ flows reflect the incentives of the brokers intermediating them.
The incentives we address are those revealed in statutory filings: the brokers’ shares of …

One reason why funds charge different prices to their investors is that they face different
demand curves. One source of differentiation is asset retention: Performance-sensitive investors …

A weekly database of retail money fund portfolio statistics is uneconomical for retail investors
to observe, so it allows direct comparison of disclosed and undisclosed portfolios. This …

Commercial paper sells at an extra discount if it matures in the next calendar year but Treasury
bills do not. The discount is apparent in downward price shifts before the year‐end, and …

The standard analysis of corporate governance assumes that shareholders vote in ratios that
firms choose, such as one share‐one vote. However, if the cost of unbundling and trading …