Marketing and distribution expenses are responsible for about one-third of the cost of active
management in the mutual fund industry. Estimating a structural model with costly investor …

Behavioral finance presented in this book is the second-generation of behavioral finance.
The first generation, starting in the early 1980s, largely accepted standard finance's notion of …

We document and explain the sharp performance deterioration of smart beta indexes after
the corresponding exchange-traded funds (ETFs) are launched for investment. While smart …

We examine two forward-looking mutual fund ratings: the analyst rating produced by human
analysts and the quantitative rating generated by a machine learning technique. The analyst …

Investment advisors are individuals who work at firms called registered investment advisors
(RIAs). We focus specifically on vanilla RIAs, whose main business is advising individuals …

This dissertation studies the role of advertising in the mutual fund industry. I use
comprehensive advertising data along with hand-collected data on the menu of investment …