We find a negative relation between hedge fund manager’s personal income tax rates and fund performance. Using changes in tax deferral regulation or state-level tax rates suggest causality in the tax-performance relation. Managers are less likely to hold stocks with greater information...

Exploiting an exogenous disclosure rule change and the unique dual-class share system in China, this study tests whether improved information disclosure leads to higher executive compensation. Consistent with the theoretical prediction in Hermalin and Weisbach (2012), we find that after China...