This study examines the nature, trend, and patterns of FinTech equity funding and the number of FinTech agreements on a different scale. The distribution of FinTech equity financing and FinTech deals have been scrutinized globally, regionally, and between different income groups on the...

We survey a growing field studying aspects of finance that are potentially illegal, illicit, or immoral. Some of the literature is investigative in nature to uncover malfeasance that is recent and possibly ongoing. Other forensic finance research examines past events to generate a fuller...

This study examines the impact of mutual fund family structure on mutual fund attributes. Using a novel dataset, we consider a two-layer fund family structure: whether an advisory firm manages one or multiple investment companies and whether each investment company has one (standalone) fund or...

Using data from Morningstar, we analyze the performance from 2008 to 2022 of the main equity categories of actively-managed Canadian-domiciled mutual funds.The results differ by category but averaged across the four main fund categories, fund gross returns roughly equal their gross benchmark...

We present a general equilibrium model in which heterogeneous investors choose among bonds, stocks, and an Index Fund holding the market portfolio. We show that, under standard assumptions, an equilibrium exists. We then derive predictions for equilibrium asset prices, investor behavior, and...

We undertake the first comprehensive investigation into the use of currency forwards at international equity mutual funds. Using a unique hand-collected dataset spanning 15-years and over 1,200 US mutual funds, we identify three distinct approaches to using currency forwards that span liquidity,...

This paper contrasts the return of Vanguard and Fidelity active stock mutual funds with the style-mimicking portfolio of Vanguard’s index funds. Vanguard’s equally-weighted portfolio of domestic active funds out-returns the portfolio of Vanguard index funds with the same style, as does...

Modern mutual fund families include more than active mutual funds (AMFs). AMFs in families with greater index mutual fund (IMF) presence generate higher category-adjusted gross returns. Performance is positively related to the levels of passive and active fees, suggesting moral hazard....

A lack of timely financing for purchases of vaccines and other health products impeded the global response to the COVID-19 pandemic. Based on analysis of contract signature and delivery dates in COVID-19 vaccine advance purchase agreements, this paper finds that 60-75 percent of the delay in...

In this paper we provide a comprehensive analysis of the performance of US SRI mutual funds as well as its relation to the flow of new money that those funds experience in the context of investors sophistication. In particular, we compare the performance of SRI retail and institutional...

We examine the herding behavior of individual investors on institutional investors in the US equity fund market. Based on a theoretical background, our empirical investigation determines that the significant herding behavior of individual investors is based on the trading size of institutional...

As a country with the largest Muslim majority population in the world, Indonesia is the most potential target market for sharia-based products. This is indicated by the increasing public enthusiasm for various sharia investment products. There are two aims of this study. First aim is to evaluate...

This paper explores a tactic in which managers of multiple funds diversify their positions so that the tracking error across their funds is mitigated and lower than the average tracking error of their individual funds. This paper introduces chained tracking error, which is the tracking error of...

This study investigates Chinese equity mutual funds’ performances while holding those that are well behaved in financial disclosure (transparent) companies, so-called peace of mind investing. This study uses detailed semi-annual data on mutual funds from 2011 to 2020, and finds that holding...

Behavioral finance lacks direct evidence linking agents’ beliefs to their behaviors. Motivated by revealed preference theories, I provide such evidence using mutual fund stock holdings. Assuming that investors' expectations are consistent with their investment decisions, I relate fund...

This study investigates style investing of Islamic equity funds (IEFs) particularly through a portfolio holdings lens. We examine an unbiased survivorship sample of 224 active portfolios domiciled in 22 countries for the period 2004 to 2018, to shed new light on style concentration and change in...

The quality and diversity of a fund’s investment team has long been viewed as a critical part of its success and a potential driver of performance. Yet because active fund management still lacks gender diversity, there are likely additional benefits to be realized.This study leverages a novel...

The proposition that a prudent investor should be diversified is widely accepted if not incontrovertible for ordinary investors – investors who have no reasonable expectation of influencing company management or business policy. Indeed, fiduciary duty requires that trustees and other...

This article examines the performance persistence of 603 closed-end funds over the period January 2010 to January 2020. We used a sample free of survivorship bias and measure performance using risk adjusted measures. Ten out of the twenty three categories showed high values of the Treynor,...

We check performance persistence of closed-end funds in terms of both market price returns and net asset value average returns in each category. In addition, we use regression models to test market timing ability. We use the entire population of 603 closed-end funds over the period 01/01/2010 to...

Mutual funds’ maximum drawdowns are persistent, indicative of manager skill, and predictive of subsequent performance. Among funds with relatively strong past performance, those with relatively low past maximum drawdowns, on average, have an out of sample alpha of 2.40% per year. That alpha is...

The active share of mutual funds drops significantly when investor sentiment is high, indicating that fund managers reduce their active stock selection and stay closer to their benchmarks during such periods. Our evidence is consistent with fund managers being sentiment-prone—challenging the...

Using proprietary monthly holdings data from Morningstar, we show that Environmental, Social, and Governance funds’ trading during the Covid-19 market crash was consistent with the choices of their clientele. Thus, ESG funds helped to stabilize the market for ESG stocks, but interestingly...

Mutual funds in the same category compete in a series of annual tournaments for a place at the top of year-end performance-based rankings. One effect implies that losing funds increase their risk more than winning funds, hoping to climb in the rankings. Another effect involves a rational...

Numerous studies investigate the relationships between fund manager characteristics and fund performance. However, most evaluate fund performance by using traditional factor alphas, such as the Fama–French–Carhart four- and six-factor alphas. In the present study, we analyze data from...

A lack of timely financing for purchases of vaccines and other health products impeded the global response to the COVID-19 pandemic. Based on analysis of contract signature and delivery dates in COVID-19 vaccine advance purchase agreements, this paper finds that 60-75 percent of the delay in...

A lack of timely financing for purchases of vaccines and other health products impeded the global response to the COVID-19 pandemic. Based on analysis of contract signature and delivery dates in COVID-19 vaccine advance purchase agreements, this paper finds that 60-75 percent of the delay in...