We introduce a novel measure to study the relationship between portfolio concentration in vertically related firms and the performance of actively managed U.S. mutual funds. We find a strong positive relationship between our supply chain concentration measure and fund performance. While funds'...

We introduce Active ESG Share as a novel metric of the extent of a fund manager’s use of ESG information. Active ESG Share compares the full distribution of a portfolio’s stock-level ESG ratings to that of its benchmark, capturing how actively a manager uses ESG information, rather than...

Before changes to Regulation ATS in 2018, brokers were not required to disclose information regarding the operations of their private trading venues known as dark pools. As a result, most institutional investors relied on broker representations when deciding whether or not to send orders to...

We show that a firm's access to the corporate bond market is constrained by its bank's trading networks. Using a hand-collected dataset of aggregate portfolio transactions between a bank's securities dealer and their institutional investor's clients, we map the trading networks of banks'...

We examine team diversity and performance using the asset management industry as a laboratory. Employing political affiliation as a proxy, we find ideologically diverse teams perform better than homogeneous teams. The mechanism involves both improved decision-making due to more diverse...