We use the introduction of exchange-traded notes (ETNs) as a way to examine which characteristics of institutional investors' preferences are generalizable across new types of security design, as well as to infer which of the novel characteristics of ETN are in demand from institutions. As with...

Measures of information traditionally arise from curated, professional sources such as newspapers, analyst coverage, earnings announcements, and business news wires. We utilize Twitter activity to examine the impact of attention generated by individuals. Causal evidence shows that Twitter...

We provide the first in-depth examination of exchange-traded funds (ETFs) within actively managed mutual fund (AMMF) portfolios to better understand why AMMFs make substantial investments in passive ETFs. We examine the association between holding ETF positions and AMMF performance, as well as...

Mutual funds with managers who share a work connection have greater overlap in portfolio holdings, equity purchases, and equity sales. This relationship develops after a work connection begins and persists after the connection ends. Several tests to mitigate endogeneity concerns provide...

We examine how investment advisors guide the decision-making process of mutual fund investors by comparing the flow-performance sensitivity of no-load funds and the three main classes of load fund shares, conditional on the state of the market. We show that load investors are more sensitive to...