We study liquidity transformation in mutual funds using a novel data set on their cash holdings. To provide investors with claims that are more liquid than the underlying assets, funds engage in substantial liquidity management. Specifically, they hold substantial amounts of cash, which they use...

We study liquidity transformation in mutual funds using a novel data set on their cash holdings To provide investors with claims that are more liquid than the underlying assets, funds engage in substantial liquidity management. Specifically, they hold substantial amounts of cash, which they use...

Introduction -- Chapter I: The Early American Corporation -- Chapter II: Adolf Berle and the Modern Corporation -- Chapter III: The Rise of Asset Manager Capitalism -- Chapter IV: The Emergence of the Shareholder Primacy Paradigm -- Chapter V: The New Stakeholder Capitalism and ESG -- Chapter...

Using a unique dataset of 225 Dutch occupational pension funds with a total of 928 billion euro of assets under management, we provide a comprehensive analysis of the relation between investment costs and pension fund size. Our dataset is free from self-reporting biases and decomposes investment...