This paper investigates, empirically, whether infrastructure-focused mutual funds provide superior performance (higher alphas) than their comparable equity mutual funds not investing in infrastructure. Using monthly returns on U.S. equity mutual funds, the “best clientele performance...

This paper investigates how customers perceive the multiple data theft scandals occurring in Canadian Banks. To this end, we conducted a survey on 120 students from the University of Quebec at Outaouais. Two major points emerged from this survey: first, bank customers believe that their...

An important puzzle in credit markets is why some firms use the services of financial advisors (FA) rather than undertake those tasks themselves. This paper examines, using theory and empirical evidence, whether the presence and the reputation of FA can act as a credible signal of project...

We investigate how corporate borrowers can manage ex post ESG-related risk and signal their commitment by approaching banks that adopt Equator Principles, which require them to monitor a project's environmental and social impacts. We examine the effects of using such "green banks'' on corporate...

This paper investigates investor disagreement and clientele effects in performance evaluation by developing a measure that considers the best potential clienteles of mutual funds. In an incomplete market under law-of-one-price and no-good-deal conditions, we obtain an upper bound on admissible...

This paper develops a diagnostic tool for candidate performance measures that accounts for investor disagreement in mutual funds. We compare the evaluation for best clienteles, specified by an upper admissible performance bound, to the one for representative investors implicit in twelve models....