The intangible costs of data breach events encompass for instance the loss of investor confidence, reputational damage and loss of competitive advantage. Yet, existing literature sheds light on this phenomenon only to a limited extent due to methodological challenges related to the estimation of...

This study shows that financial advisors provide useful tax advice to their clients, being the first to provide evidence of tangible benefits delivered by financial advisors in the U.S. We find that investors who purchase mutual fund shares through financial advisors exhibit a stronger tendency...

This paper examines how labor mobility restrictions such as non-compete clauses in employment contracts affect the incentives and resulting behavior of employees. Using the investment industry as a testing laboratory, we find that mutual fund managers respond to heightened career concerns due to...