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The optimal capital structure in agricultural cooperatives under the revolving fund cycles
cash patronage refund rate constrained-maximizing model dividend rate
2016/1/29
Due to the financial features specific to agricultural cooperatives, the paper constructs a constrained-maximizing model under the assumption that the financial objective of an agricultural cooperativ...
Two-fund separation under model mis-specification
Fund separation theorem the investors procedure asset allocation the tangency portfolio risky assets
2015/8/10
The two-fund separation theorem tells us that an investor with quadratic utility can separate her asset allocation decision into two steps: First, find the tangency portfolio (TP), i.e., the portfolio...
Observations on Innovation in Pension Fund Management in the Impending Future
Innovation and Invention Compensation and Benefits Investment Management
2015/5/14
Observations on Innovation in Pension Fund Management in the Impending Future.
Recent work documents large positive abnormal returns around the time that a hedge fund announces its activist intentions with a publicly listed firm. We show that these returns are largely explained ...
Do Hedge Funds Profit from Mutual-Fund Distress?
Investment Funds Profit Strategy Forecasting and Prediction Investment Return Opportunities
2015/5/12
This paper explores the question of whether hedge funds engage in frontrunning strategies that exploit the predictable trades of others. One potential opportunity for front-running arises when distres...
An Evaluation of Money Market Fund Reform Proposals
Risk Management Balance and Stability Investment Funds
2015/4/27
U.S. money market mutual funds (MMFs) are an important source of dollar funding for global financial institutions, particularly those headquartered outside the U.S. MMFs proved to be a source of consi...
Can a Continuously-Liquidating Tontine (or Mutual Inheritance Fund) Succeed where Immediate Annuities Have Floundered?
Age Characteristics Annuities Investment Return Investment Funds Saving Retirement
2015/4/23
A new instrument (the Mutual Inheritance Fund or MIF) is proposed whose purpose is to help people carry their savings forward from the moment they retire into their old age. Like annuities, this instr...
The Small World of Investing:Board Connections and Mutual Fund Returns
Asset Pricing Investment Portfolio Governing and Advisory Boards
2015/4/22
This paper uses social networks to identify information transfer in security markets. We focus on connections between mutual fund managers and corporate board members via shared education networks. We...
Attracting Flows by Attracting Big Clients: Conflicts of Interest and Mutual Fund Portfolio Choice
Investment Funds Investment Portfolio Conflict of Interests Financial Services Industry
2015/4/22
We explore a new channel for attracting inflows using a unique dataset of corporate 401(k) retirement plans and their mutual fund family trustees. Families secure substantial inflows by being named tr...
Hedge Fund Investor Activism and Takeovers
Mergers and Acquisitions Private Equity Investment Return Investment Activism Investment Portfolio
2015/4/21
We examine long-horizon stock returns around hedge fund activism in a comprehensive sample of 13D filings by portfolio investors between 1993 and 2006. Abnormal returns surrounding investor activism a...
Outsourcing Mutual Fund Management: Firm Boundaries, Incentives and Performance
Outsourcing Mutual Fund Management Firm Boundaries Incentives Performance
2014/3/18
We investigate the effects of managerial outsourcing on the performance and incentives of mutual funds. Fund families outsource the management of a large fraction of their funds to advisory firms. The...
The IMF Gold Sale and Trust: Fund Arrangements。
Outsourcing Mutual Fund Management: Firm Boundaries, Incentives and Performance
Outsourcing Mutual Fund Management Firm Boundaries Incentives Performance
2014/3/18
We investigate the effects of managerial outsourcing on the performance and incentives of mutual funds. Fund families outsource the management of a large fraction of their funds to advisory firms. The...
Outsourcing Mutual Fund Management: Firm Boundaries, Incentives and Performance
Outsourcing Mutual Fund Management Firm Boundaries Incentives Performance
2014/3/18
We investigate the effects of managerial outsourcing on the performance and incentives of mutual funds. Fund families outsource the management of a large fraction of their funds to advisory firms. The...
Fund Flow Volatility and Performance
Open-end mutual funds performance differences cash holdings
2011/8/21
This paper provides a detailed analysis of the impact of daily mutual fund flow volatility on fund performance. I document a significant negative relationship between the volatility of daily fund flow...