This paper aims to contribute to the lack of research on the learning process of mutual fund markets. The empirical design is focused on the ability of the Spanish equity mutual fund industry to learn from its important errors. The choice of this industry is justified by both its relevance in...

Using a unique database that includes publicly disclosed fund holdings at the end of the quarter as well as the holdings in all non-publicly disclosed months, we found that some funds could alter their portfolios in publicly disclosed months to artificially increase their Active Share scores and...

This paper develops a comprehensive bibliometric analysis of a well-known behavioral finance bias: the disposition effect. Since the term was coined in 1985, the tendency for investors to sell winners too soon and hold losers in the portfolio has been amply studied. Based on data from the Web of...

This paper aims to contribute to the lack of research on the learning process of mutual fund markets. The empirical design is focused on the ability of the Spanish equity mutual fund industry to learn from its important errors. The choice of this industry is justified by both its relevance in...

We analyze what a second business degree reveals about the investment behavior of professional investors. Specifically, we compare performance, risk, and style of equity mutual fund managers having a CFA designation and an MBA degree to managers with only one of these qualifications. We document...

We analyze what a second business degree reveals about the investment behavior of mutual fund managers. Specifically, we compare performance, risk, and style of managers with both a CFA designation and an MBA degree to managers with only one of these qualifications. We document that the average...

We analyze what a second business degree reveals about the investment behavior of mutual fund managers. Specifically, we compare investment risk and style of managers with both a CFA designation and an MBA degree to managers with only one of these qualifications. We document that managers with...

We examine the influence of managerial structures and characteristics on the level of trading divergence among fund families as well as their effects on the subsequent performance of those families. Fund families with fewer interactions between their funds and managers tend to diverge more in...

Studies have used ESG ratings to measure CSR; however, these ratings provide an overall measure that does not consider the capabilities of companies to fulfil social and environmental standards. We propose a cross-sectional regression to estimate inclusive ESG ratings in order to assess...

Financial literature has analyzed how previous trading decisions of some portfolio managers influence the subsequent trading of other peers. This paper contributes to the literature by proposing a new methodological approach to capture the time varying evolution of the leader-follower...