The investment decision confronting managers of multi-asset class portfolios can be characterized in terms of the passive (i.e., benchmark or policy) and active (i.e., market timing and security selection) strategies they adopt. In this paper, we investigate whether managers select the...

The process of risk management for institutional investors faces two challenges. First, since most institutions are decentralized in contrast to being direct investors in assets, it is difficult to separate the risks of the assets in the portfolio from the risks generated by the investment...

We find that socially responsible investment (SRI) policies are more common among the endowments of universities that face greater stakeholder pressure to adopt such policies and depend more on donations to fund operations. SRI policies result in cumulative abnormal donations of 6% of endowment...

We document that investors allocate more flows to hedge funds whose names exhibit gravitas -defined as a combination of words from geopolitics and economics, or suggesting power. The economic effects are relatively large: averaging across our models, adding one more word with gravitas to the...