We investigate the benefits of specialized knowledge in generating superior performance in the asset management industry. We compare the returns of health sector mutual fund managers with prior health-related education or experience (specialists) to those without such a background (generalists)....

We investigate the returns to specialized knowledge in asset management, by comparing the performance of medical specialists and generalists in managing health care sector mutual funds. Specialist alpha is nearly 5% higher on an annualized basis, after controlling for fund and manager observable...

Initial coin offerings (ICOs), sales of cryptocurrency tokens to the general public, have recently been used as a source of crowdfunding for startups in the technology and blockchain industries. We create a dataset on 4,003 executed and planned ICOs, which raised a total of $12 billion in...