This study shows that mutual fund managers vary in their reliance on category-level information, relative to firm-specific information about assets. Moreover, fund performance decreases with managers' propensity to rely on categories. Fund managers display less skill in picking stocks which are...

The factors that drive the financing available to start-ups is a key issue for entrepreneurs, venture capitalists (VCs), and other investors in new ventures, especially in light of the difficult exit market the industry has faced over the last decade. We examine how the dollars gained and lost...

This study proposes that the performance of mutual fund managers is linked to how efficiently they allocate attention across assets in their investment set. Motivated by existing models of optimal portfolio choice and rational inattention, we posit that the efficiency of attention allocation...