“Deep tech” is a term used by venture capital and policy makers to refer to the sophisticated technologies with the potential to address many of the challenges of economic development, public health, and climate change. Unlike better known, consumer-facing digital startups that can generate...

If there are diseconomies of scale in asset management, any predictability in mutual fund performance will be arbitraged away by rational investors seeking funds with the highest expected performance (Berk and Green, 2004). In contrast, the performance of US equity mutual funds persists through...