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Hedge-fund managers justify share restrictions as a means of protecting the common interest of the shareholders. However, this paper demonstrates that such restrictions can adversely induce information asymmetry between managers and their clients about future fund ‡ows. Focusing on share-restricted funds, this paper demonstrates that funds with recent out… (More)
a r t i c l e i n f o We use the federal tax codes from 1926 through 2009 to construct the after-tax returns that individual investors , corporations, and broker–dealers would have generated on a set of benchmark portfolios. Portfolio strategies differ in the pace of capital gains realizations. This creates important heterogeneity in effective investment… (More)
Pulmonary Epithelioid Hemangioendothelioma is a rare and low grade tumor of endothelial origin found in the lungs. At onset patients are usually asymptomatic or present with non-specific symptoms. Chest imaging shows the presence of multiple, bilateral small nodules and diagnosis usually requires a lung biopsy. At this time there is no standardized… (More)
The use of cannabis is embedded within many societies, mostly used by the young and widely perceived to be safe. Increasing concern regarding the potential for cannabis to cause mental health effects has dominated cannabis research, and the potential adverse respiratory effects have received relatively little attention. We report a rare case of 22-year-old… (More)
Martha Schary for comments on an earlier draft. Any remaining errors are my own responsibility. Financial support from the School of Management, Boston University is gratefully acknowledged.