Current regulations require mutual funds to disclose their portfolio holdings twice yearly. For actively managed funds, disclosure tells the public which assets the manager views as undervalued. If other investors can copy the actively managed funds' investments without affecting asset values,...

We examine whether variation in the separation of ownership and control influences the tax practices of private firms with different ownership structures. Fama and Jensen (1983) assert that when equity ownership and corporate decision-making are concentrated in just a small number of...