We show that the 2004 SEC regulation requiring more frequent disclosures from active mutual funds unintendedly increased the profitability of trading by another set of informed investors, namely insiders. Cross-sectional analyses suggest that this increase in insiders' profits is due to mutual...

In establishing the foundation of their investment process, global equity investors typically adopt a framework along geographic and/or industry dimensions. The chosen framework is then applied to the whole investment process including alpha generation, portfolio construction, and risk...

Active quantitative portfolio management is on the verge of change, we believe towards a more flexible approach capable of capturing dynamics in risk and return expectations across an array of asset classes. The static quant-driven approach to active management in widespread use today is...