We relate the performance of mutual fund trades to their motivation. A fund manager who
buys stocks when there are heavy investor outflows is likely to be motivated by the belief that …

US equity mutual funds, on average, prefer realization of capital losses to capital gains.
Nevertheless, a substantial fraction exhibits the disposition effect of realizing gains more readily …

This is the first study of corporate bond mutual fund performance that examines detailed
security-level holdings and returns. The new database allows us to decompose the costs and …

Given recent regulatory inquiries into the derivative-trading practices of mutual funds, we
examine their detailed option holdings to assess how mutual funds employ options, what funds …

This study examines the performance of mutual funds managed by firms that simultaneously
manage hedge funds. We find that the reported returns of mutual funds in these “side-by-…

We study the dispersion of month-end valuations placed on identical corporate bonds by
different mutual funds. Such dispersion is related to bond-specific characteristics associated …

This study examines how the efficiency of trading desks operated by mutual fund families
affects portfolio performance and investment behavior of affiliated funds. We estimate the …

Human capital acquired while working in other industries before joining fund management
provides fund managers with an information advantage. Fund managers exploit this …

We document that, on average, US equity mutual funds prefer realizing capital losses rather
than capital gains. A substantial fraction of the sample, however, exhibits the opposite …

Despite at least six empirical studies published since 2000 designed to assess fund
managers’ Real Estate Investment Trust (REIT)‐selection ability, their skill remains in question. …