We examine the relation between organizational structure (public vs private) and managerial turnover in a large sample of U.S. offered mutual funds. Consistent with the hypothesis that publicly traded firms focus more on shorter term performance, we find that public sponsors are more sensitive...

We study how the heterogeneity between the CEO and independent board directors as a group stemming from cultural diversity affects debt pricing in bad times. Using a novel approach to identify directors’ cultural backgrounds based on their ancestral origins, we find that greater...

Prior SEC inquiries concerning self-dealing in securities lending programs suggest potential conflicts of interest when funds employ lending agents that are affiliated with their sponsor. We posit that the level of self-dealing is potentially greater, and mutual funds' securities lending returns...