I provide a measure for the value that investors place on trust and relationships in asset
management by examining mutual fund flows around announced changes in the ownership of …

Using data on the political contributions and stock holdings of US investment managers, we
find that mutual fund managers who make campaign donations to Democrats hold less of …

Using the firm-level corporate social responsibility (CSR) ratings of Kinder, Lydenberg,
Domini, we find that firms score higher on CSR when they have Democratic rather than …

This paper examines how political connections affect risk exposure of financial institutions.
Using a geography-based measure, I find that politically connected firms have higher …

We investigate how institutional ownership affects the diffusion of innovation. We find that a
higher intensity of patent citations among firms that share institutional owners. We address …

Exchange-traded funds have proliferated in the last five years, but have not yet received
much attention in the academic literature. The author explains the major differences between …

We analyze a dataset of 2390 completed ICOs, which raised a total of $12 billion in capital,
nearly all since January 2017. We find evidence of significant ICO underpricing, with average …

We study innovation and product differentiation using a uniqueness measure based on textual
analysis of prospectuses. We find that small and start‐up families have higher start rates …

We study managerial turnover for both internally managed mutual funds and those managed
externally by subadvisors. We argue that turnover of subadvisors provides sharper tests …

I investigate the effect of labor market competition from hedge funds on the mutual fund
industry. I find evidence of an increasing flight of top-performing young managers from mutual …