We examine the effects of fraud committed by mutual fund managers taking into account the dual responsibilities managers have for their employer firm and investors. Performance increases in the immediate aftermath of a scandal being reported, followed by a significant drop suggesting fund...

Understanding how users of research cope with episodes that potentially diminish trust in accepted knowledge such as the 2007-2009 financial crisis is important for financial economics. Utilizing citations in practitioner-oriented journals I investigate post-crisis changes in authors’...

Studying equity mutual funds that are nominated for the prestigious Morningstar Mutual Fund Manager of the Year award, we document that investors react by reducing flows to non-winners. Since winners and nonrecipients are nominated based on strong past performance, this runner-up effect is...