We analyze risk shifting by poorly performing hedge funds - and test predictions on the extent to which risk choices are related to the fund's incentive contract, investment horizon and dissemination of performance information. Consistent with theoretical arguments we find that the propensity...

We construct a broad dataset of Environmental, Social, and Governance (ESG) scores for equity mutual funds based on the stocks they hold and stock-level scores from six prominent ESG data providers. We find that many ESG scores predict fund flows despite substantial disagreement among providers....

We estimate an option-based value of a fund manager's conditional market timing skill in bear market states. We combine this value with alpha based estimates of selection skill to give an overall valuation of active management. At the aggregate level, we estimate that the benefit arising from...