Given the rapid growth of investment products focused on socially responsible investing (SRI), in March 2016 Morningstar began reporting standardized metrics to “grade” the Sustainability (i.e., SRI) level of thousands of mutual funds. While traditional financial theory suggests funds that...

Prior studies find broad-based support for the efficacy of trading strategies based on momentum in stock returns. More recent studies, however, note a declining benefit relative to that identified in seminal studies on momentum. These recent studies, however, primarily examine time periods...

IPO stock prices increased approximately 2.3% on the first day of secondary market trading over the period 1993 through 2003. While these aftermarket returns are accentuated during 1999 and 2000, they persist after the bubble burst and even increase as a percentage of total underpricing. We...