This article reviews research and policy work on nonbank financial intermediation (NBFI),
taking a financial stability perspective. It first documents the growth in NBFI, reviews its …

Managerial risk taking is a critical aspect of strategic management. To improve competitive
advantage and performance, managers need to take risks, often in an uncertain …

This article examines managers' incentive to play it safe. We find that, after managers are
insulated by the adoption of an antitakeover law, they take value-destroying actions that …

Using new data for the universe of firms covered in Amadeus, we reconstruct the portfolios of
shareholders who hold equity stakes in private-and publicly traded European firms. We find …

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

We study the effects of local religious beliefs on mutual fund risk-taking behaviors. Funds
located in low-Protestant or high-Catholic areas exhibit significantly higher fund return …

We find that firms that provide limited liability and indemnification for their directors enjoy
higher credit ratings and lower yield spreads. We argue that such provisions insulate …