Purpose–This paper aims to briefly review principal theories of dividend policy and to
summarize empirical evidences on these theories. Design/methodology/approach–Major …

This paper investigates the performance and capital inflows of private equity partnerships.
Average fund returns (net of fees) approximately equal the S&P 500 although substantial …

I study the dynamics of investor cash flows in socially responsible mutual funds. Consistent
with anecdotal evidence of loyalty, the monthly volatility of investor cash flows is lower in …

The interplay between investors' demand and providers' incentives has shaped the
evolution of exchange-traded funds (ETFs). While early ETFs invested in broad-based …

We investigate the role that nonportfolio fund differentiation and information/search frictions
play in creating two salient features of the mutual fund industry: the large number of funds …

Incubation is a strategy for initiating new funds, where multiple funds are started privately,
and, at the end of an evaluation period, some are opened to the public. Consistent with …

We use a new data set to study the determinants of the performance of open–end actively
managed equity mutual funds in 27 countries. We find that mutual funds underperform the …

We investigate whether mutual fund families strategically transfer performance across
member funds to favor those more likely to increase overall family profits. We find that “high …

We examine the extent to which a fund's cash flows are affected by the stellar performance
of other funds in its family—and consequences of such spillovers. We show that star …

If actively managed mutual funds suffer from diminishing returns to scale, funds should alter
investment behavior as assets under management increase. Although asset growth has little …