Firms that engage in the simultaneous, or quot;side-by-sidequot;, management of mutual funds and hedge funds have a fiduciary duty to each fund's investors to make portfolio decisions and to execute trades in the most favorable way. This fiduciary duty is put to the test, however, when...

We explore how various aspects of corporate governance influence the likelihood of a public corporation surviving as a separate public entity, after addressing potential endogeneity that arises from the competing corporate exit outcomes: acquisitions, going private transactions, and...

We examine the impact of ETF ownership on the commonality in liquidity of underlying stocks, while controlling for other institutional ownership. Analyses using aggregate stock-level ETF ownership and common ETF ownership at the stock-pair level indicate that ETF ownership significantly...

We examine the impact of ETF ownership on the commonality in liquidity of underlying stocks, while controlling for other institutional ownership. Analyses using aggregate stock-level ETF ownership and common ETF ownership at the stock-pair level indicate that ETF ownership significantly...

Due to a regulatory exemption, ETF market makers can satisfy excess demand in secondary markets by selling ETF shares that have not yet been created. While this ability to “operationally short” is not unique to ETFs, it plays a more prominent role in ETF liquidity provision, and results in...