Is the asset management sector a source of financial instability? This paper contributes to the debate by performing a macroprudential stress test in order to quantify systemic risks in the mutual fund sector. For this purpose we include the welldocumented flow-performance relationship as an...

This paper offers a fresh perspective on the connection between professional work and socio-economic inequality by tracing the emergence of the trust and estate planning profession in America. Unlike studies of inequality and the professions that focus on the status attainment of individuals and...

Using a unique dataset on the sectoral ownership structure of euro area equity mutual funds, we study how different investor groups contribute to the negative performance externality from large outflows. Investment funds, as holders of mutual funds, are the main contributors to the flow...