We use an experimental conjoint analysis to investigate the investment criteria of 749 private
equity investors, distinguishing between family offices, business angels, venture capital …

This paper surveys and critically evaluates the literature on the role of management effects
and fund characteristics in mutual fund performance. First, a brief overview of performance …

Climate change poses new challenges for portfolio management. In our not-yet-low carbon
world, investors face a trade-off between minimizing their exposure to climate risks and …

Mutual funds change their risk levels significantly over time. Risk shifting might be caused by
ill-motivated trades of unskilled or agency-prone fund managers who trade to increase their …

Using data on 3,225 actively managed US mutual funds from 1980 to 2006, we test
hypotheses designed to disentangle risk and change as outcomes of behavioral …

We study compensation contracts of individual portfolio managers using hand‐collected
data of over 4,500 US mutual funds. Variations in the compensation structures are broadly …

We analyze a family of portfolio management problems under relative performance criteria,
for fund managers having CARA or CRRA utilities and trading in a common investment …

We examine the influence on managerial risk taking of incentives due to employment risk
and due to compensation. Our empirical investigation of the risk taking behavior of mutual …

This paper identifies a new incentive for managers to engage in corporate fraud stemming
from the relative performance evaluation feature of CEO promotion tournaments. We …

We provide evidence regarding mutual funds' motivation to hold lottery stocks. Funds with
higher managerial ownership invest less in lottery stocks, suggesting that managers …