We study how mutual fund managers gain an edge in selecting stocks in an era of globalization. We use textual analysis to construct a new measure that captures a mutual fund's offshore exposure concentration through holding U.S. multinational firms. The proposed offshore concentration index...

We examine global integration in the market for asset management, as indicated by the correlation of mutual fund flows across domiciles. We observe no leading role for the US relative to flows in other domiciles. We do observe a strong global factor in MF flows, and global integration is linked...

We introduce an international active fund management model in which competing managers have heterogeneous incentives (effort productivities, costs) for searching domestic/foreign investment opportunities. In equilibrium, the domestic/foreign incentives heterogeneity gives rise to a novel...