We study 120 rights offerings by closed-end funds from 1988–1998. On average, rights offerings are announced when funds trade at a premium. This premium turns into a discount over the course of the offering. The premium decline is more severe when increases in the investment advisor's...

I examine the impact of mutual fund manager replacement on subsequent fund performance. Using a sample of 393 domestic equity and bond fund managers that were replaced over the 1979–1991 period, for the underperformers, I document significant improvements in post-replacement performance...