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The Distorting Effect of the Prudent-Man Laws on Institutional Equity Investments
I examine the effect of prudent man laws on the behavior of institutional investors. Variation in exposure to legal liability across types of investment managers allows me to disentangle the effectExpand
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The Determinants of the Flow of Funds of Managed Portfolios: Mutual Funds vs. Pension Funds
This study compares the relations between asset flow and performance in the retail mutual fund and fiduciary pension fund segments of the money management industry, and relate empirical differencesExpand
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The Motivation and Impact of Pension Fund Activism
Pension funds have become increasingly active in the governance of companies in which they own stock. A common form of activism includes the submission of shareholder proposals to the corporate proxyExpand
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Do Boards Pay Attention When Institutional Investor Activists 'Just Vote No'?
We examine "just vote no" campaigns, a recent innovation in low-cost shareholder activist tools whereby activists encourage their fellow shareholders to withhold votes toward a director's election toExpand
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Governance and Boards of Directors in Closed-end Investment Companies
Boards of directors occupy a prominent position in the governance of corporations, and have been a focal point of SEC efforts to ensure that investment companies are serving the interests ofExpand
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Demand for Financial Advice, Broker Incentives, and Mutual Fund Market Segmentation
Assuming that some investors value both financial advice and performance, but that the brokers needed to provide this advice are unwilling to recommend funds available at lower cost elsewhere, weExpand
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The Effect of SEC Enforcement Intensity on Illegal Insider Trading
We examine a sample of illegal insider trading cases filed by the SEC over the last decade, and find that insider trading volume and the price impact on insider trading days are much smaller thanExpand
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Playing Favorites: Conflicts of Interest in Mutual Fund Management
We examine the performance of mutual funds whose managers simultaneously manage portfolios with performance-based incentive fees for three account types: mutual funds, hedge funds, and separateExpand
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