This paper considers the structure, governance and performance of a unique class of mutual
funds that receives capital only from individuals, and reinvests this contributed capital in …

We examine how redemption policies affect daily fund flows in open-end mutual funds.
Since short-term trading of fund shares, as manifested in daily fund flows, can have an …

We develop a model of trading by an informed fund manager compensated on the basis of
her fund's Net Asset Value (NAV). We show that she has an incentive to pump her portfolio …

The growing share of financial assets that are held and managed by large institutional
investors whose desired trades move asset prices is at odds with the traditional competitive …

A growing share of financial assets are held by large institutional investors whose desired
trades are large enough to move prices in markets. Because large investors' trades have …

This paper analyzes the portfolio decisions of a mutual fund manager who cares about her
short $ term performance as measured by the Net Asset Value of her fund. We show that …

Essay 1: Fund flow volatility and performance. This paper provides a detailed analysis of the
relationship between short-term fund flow volatility and fund performance. We find a …

The growing share of financial assets that are held and managed by large institutional
investors whose trades move prices contradicts the traditional asset pricing paradigm which …