This paper reviews the size and scope of the mutual fund arbitrage problem, the inadequacy of the most popular solutions adopted by the industry to date, and the surprisingly slow response of many funds to the issue. As is becoming increasingly widely known, mutual funds often calculate their...

As is becoming increasingly widely known, mutual funds often calculate their net asset values using stale prices, which causes their daily returns to be predictable. By trading on this predictability, investors can earn 35-70 percent per year in international funds and 10-25 percent in asset...

As is becoming increasingly widely known, mutual funds often calculate their net asset values (NAVs) using stale prices, which causes their daily returns to be predictable. By trading on this predictability, investors can earn 35-70% per year in international funds and 10-25% in asset classes...

Between 1993 and 2004, the share of mutual funds disclosing manager names to their investors fell significantly. We argue that the choice between named and anonymous management reflects a tradeoff between the marketing benefits of naming managers and the costs associated with their increased...

Interest in prediction markets has increased in the last decade, driven in part by the hope that these markets will prove to be valuable tools in forecasting, decision-making and risk management - in both the public and private sectors. This paper outlines five open questions in the literature,...

This paper provides an empirical assessment of the degree of competition in Hong Kong SAR using industry-level data. Although due to data limitations only approximate measures of competitiveness can be estimated, the results do suggest that Hong Kong SAR is as competitive as a typical OECD...

The UK and US tobacco industries provide a particularly clean place to examine the impact of changes in market structure on firm conduct and productivity in a rapidly innovating industry. Although each industry had roughly equal access to new manufacturing technologies, the industries were...

This paper exploits nationalistic biases in Olympic winter sport judging to study the problem of designing a decision making process that uses the input of potentially biased agents. Judges score athletes from their own countries higher than other judges do, and they appear to vary their biases...

This paper exploits nationalistic biases in Olympic winter sports judging to study the problem of designing a decision-making process that uses the input of potentially biased agents. Judges score athletes from their own countries higher than other judges do, and they appear to vary their biases...

This paper compares retrospective and prospective analyses of the effect of flip charts on test scores in rural Kenyan schools. Retrospective estimates that focus on subjects for which flip charts are used suggest that flip charts raise test scores by up to 20 percent of a standard deviation....