I investigate the sources of value gains in public-to-private transactions by examining the wealth effects on industry rivals of target firms. For a sample of 279 public-to-private bids in the U.S. from 1980 to 2007, I find that agency hypothesis explains more of the cross-sectional variation in...

Dichev [2007. American Economic Review 97, 386-401], in an influential paper, examines the gap between the performance of major stock markets and the dollar-weighted performance of investors in these markets. He finds a significant gap of 1.3 percent per year for NYSE/AMEX and 1.5 percent...

Existing work on mutual fund performance persistence obtains diverse results, depending on the group of funds studied. We examine whether performance persistence within a peer group of competing mutual funds depends on the group's composition. The U.K. mutual fund industry is ideal for such an...