The economies of various states and geographic areas behave differently than the U.S. economy as a whole. Because of these differences, this paper explores the potential for offering geographically focused mutual funds. Geographically focused mutual funds would allow investors to custom tailor...

The recent surge in the use of team-managed funds in the mutual fund industry suggests that the benefits of team management might outweigh its costs. However, extant empirical evidence is not consistent with the view that team managed funds generate superior returns relative to individual...

We examine the impact of mispricing on capital expenditures, R&D, acquisitions, and asset sales. By decomposing the market-to-book ratio into mispricing and growth components, we show that corporate investments are linked to mispricing through market-timing and catering, after controlling for...