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Show Results For
- All HBS Web
(450)
- People (1)
- News (89)
- Research (287)
- Multimedia (1)
- Faculty Publications (142)
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- 1972
- Chapter
The Performance of Mutual Funds in the Period 1945-1964
By: Michael Jensen
Jensen, Michael. "The Performance of Mutual Funds in the Period 1945-1964." In Investment Management: Some Readings, edited by J. Lorie and R. Brealey. Praeger, 1972. (Previously published in Journal of Finance (May, 1968))
- 2008
- Working Paper
Attracting Flows by Attracting Big Clients: Conflicts of Interest and Mutual Fund Portfolio Choice
By: Lauren Cohen and Breno Schmidt
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 trustee of a 401(k) plan. This affords the plan sponsor potential... View Details
Keywords: Investment Funds; Investment Portfolio; Conflict of Interests; Financial Services Industry
Cohen, Lauren, and Breno Schmidt. "Attracting Flows by Attracting Big Clients: Conflicts of Interest and Mutual Fund Portfolio Choice." Harvard Business School Working Paper, No. 08-054, January 2008. (Winner of the Barclays Global Investors Best Paper Prize, Asset Allocation Symposium, European Finance Association 2006. Winner of the Society of Quantitative Analysts Award, Best Paper in Quantitative Investments, Western Finance Association 2007.)
- Research Summary
Fixed NAVs and Costly Puts: US Money Market Mutual Funds (with Peter Tufano)
US money market mutual fund investors have been granted an implicit put option that allows them to sell or redeem their shares at a fixed price of $1.00, regardless of the market value of the portfolio. We describe the institutional features that give rise... View Details
- 07 Feb 2008
- Working Paper Summaries
Attracting Flows by Attracting Big Clients: Conflicts of Interest and Mutual Fund Portfolio Choice
- Article
Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements
By: Malcolm Baker, Lubomir Litov, Jessica Wachter and Jeffrey Wurgler
We consider measures of stock-picking skill of mutual fund managers based on the earnings announcement returns of the stocks that they hold and trade. Relative to standard approaches, this approach focuses on an especially informative subset of the returns data,... View Details
Baker, Malcolm, Lubomir Litov, Jessica Wachter, and Jeffrey Wurgler. "Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements." Journal of Financial and Quantitative Analysis 45, no. 5 (October 2010): 1111 –1131.
- 2012
- Article
Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs
By: Mozaffar N. Khan, Leonid Kogan and George Serafeim
In tests of the equity market timing theory of external finance, the prior literature has used overvaluation identifiers such as high market-to-book and high prior returns that are likely correlated with other determinants of SEOs. We use price pressure resulting from... View Details
Keywords: Equity; Market Transactions; Valuation; Capital Structure; Market Timing; Mathematical Methods; Acquisition
Khan, Mozaffar N., Leonid Kogan, and George Serafeim. "Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs." Journal of Finance 67, no. 4 (August 2012): 1371–1395.
- 2005
- Working Paper
Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements
By: Malcolm Baker, Lubomir Litov, Jessica Wachter and Jeffrey Wurgler
We consider measures of stock-picking skill of mutual fund managers based on the earnings announcement returns of the stocks that they hold and trade. Relative to standard approaches, this approach focuses on an especially informative subset of the returns data,... View Details
Keywords: Stocks; Asset Management; Business Earnings; Forecasting and Prediction; Competency and Skills
Baker, Malcolm, Lubomir Litov, Jessica Wachter, and Jeffrey Wurgler. "Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements." NBER Working Paper Series, No. w10685, February 2005. (First Draft in 2004.)
- 1999
- Working Paper
Positive Illusions and Forecasting Errors in Mutual Fund Investment Decisions
By: Don A. Moore, Terri Kurtzberg, Craig R. Fox and Max Bazerman
- 2020
- Article
Mutual Funds: Skill and Performance
By: Jonathan B. Berk, Jules van Binsbergen and Max Miller
The authors summarize the recent literature on mutual fund manager skill and performance. They discuss the latest contributions in the field and reinterpret them through the lens of the rational expectations framework (efficient market hypothesis). They further discuss... View Details
Keywords: Investment Return; Investment Portfolio; Financial Management; Performance Evaluation; Measurement and Metrics
Berk, Jonathan B., Jules van Binsbergen, and Max Miller. "Mutual Funds: Skill and Performance." Journal of Portfolio Management 46, no. 5 (2020): 17–31.
- August 1999
- Article
Positive Illusions and Biases of Prediction in Mutual Fund Investment Decisions
By: D. A. Moore, T. R. Kurtzberg, C. R. Fox and M. H. Bazerman
Moore, D. A., T. R. Kurtzberg, C. R. Fox, and M. H. Bazerman. "Positive Illusions and Biases of Prediction in Mutual Fund Investment Decisions." Organizational Behavior and Human Decision Processes 79, no. 2 (August 1999): 95–114.
- 2012
- Article
Live Prices and Stale Quantities: T+1 Accounting and Mutual Fund Mispricing
By: P. Tufano, Michael Quinn and Ryan D. Taliaferro
- June 2014
- Article
Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds
By: Sergey Chernenko and Adi Sunderam
We document the consequences of money market fund risk taking during the European sovereign debt crisis. Using a novel data set of security-level holdings of prime money market funds, we show that funds with large exposures to risky Eurozone banks suffered significant... View Details
Keywords: Money Market Mutual Funds; European Sovereign Debt Crisis; Runs; Contagion; Risk Taking; Investment Funds; Financial Crisis; Europe
Chernenko, Sergey, and Adi Sunderam. "Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds." Review of Financial Studies 27, no. 6 (June 2014): 1717–1750.
- 15 Aug 2016
- Working Paper Summaries
Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds
- 2008
- Chapter
Life-Cycle Funds
By: Luis M. Viceira
The U.S. retirement system has experienced a substantial transformation in recent years. It has evolved from a system in which employees relied mainly on Social Security and professionally managed defined benefit (DB) pension plans sponsored by their employers to... View Details
Viceira, Luis M. "Life-Cycle Funds." Chap. 5 in Overcoming the Saving Slump: How to Increase the Effectiveness of Financial Education and Saving Programs, edited by Annamaria Lusardi. University of Chicago Press, 2008.
- 2014
- Working Paper
Friends with Close Ties: Asset or Liability? Evidence from the Investment Decisions of Mutual Funds in China
By: Xinzi Gao, T.J. Wong, Lijun Xia and Gwen Yu
When fund managers have close ties to their investees, it can facilitate efficient information sharing but can also increase the possibility of favoritism. Using the investment choices of mutual funds in China, we test whether funds with close ties to their investees... View Details
Keywords: Social Ties; Conflict of Interests; Asset Management; Investment Portfolio; Networks; Financial Services Industry; China
Gao, Xinzi, T.J. Wong, Lijun Xia, and Gwen Yu. "Friends with Close Ties: Asset or Liability? Evidence from the Investment Decisions of Mutual Funds in China." Harvard Business School Working Paper, No. 14-086, March 2014.
- 01 Dec 2003
- What Do You Think?
Is This the Twilight Era for the Managed Mutual Fund?
investor, I feel powerless to control or even understand how my mutual funds operate." Anupam Bordia comments, "the mutual fund scandal... View Details
Keywords: by James Heskett
- 2023
- Working Paper
Competition and Speculation in Cryptocurrencies
By: Alex A. Wu and Justin Katz
We examine how mutual fund managers' performance incentives generated speculative demand during the 2020-2022 cryptocurrency boom and bust. Managers with strong relative performance incentives began investing in crypto after their competitors began investing in it,... View Details
Wu, Alex A., and Justin Katz. "Competition and Speculation in Cryptocurrencies." Working Paper, April 2023.
- October 2003 (Revised December 2003)
- Case
Managing a 401(k) Fund
By: Richard S. Ruback and Kathleen Luchs
Focuses on an individual's decision to participate in his firm's 401(k) plan and how to invest his contributions. Plan participants have a choice of 10 mutual funds with different investment strategies. Includes data from Morningstar on the composition and performance... View Details
Keywords: Investment Funds; Investment; Saving; Asset Management; Financial Management; Decision Making; Personal Finance; Financial Services Industry
Ruback, Richard S., and Kathleen Luchs. "Managing a 401(k) Fund." Harvard Business School Case 204-077, October 2003. (Revised December 2003.)
- 2020
- Working Paper
Best Ideas
By: Miguel Antón, Randolph B. Cohen and Christopher Polk
We find that the stocks in which active mutual fund or hedge fund managers display the most conviction towards ex-ante, their “Best ideas,” outperform the market, as well as the other stocks in those managers’ portfolios, by approximately 2.8 to 4.5 percent per year,... View Details
Keywords: Mutual Funds; Managerial Skill; Market Efficiency; Investment Funds; Management; Investment Portfolio; Decision Making
Antón, Miguel, Randolph B. Cohen, and Christopher Polk. "Best Ideas." Harvard Business School Working Paper, No. 21-004, June 2020.
- June 2011 (Revised September 2011)
- Case
Exchange-Traded Funds at Vanguard (A)
By: Robert C. Pozen and Steven Vickers
Vanguard Group management, led by CEO John Brennan, was considering whether to launch exchange-traded funds (ETFs) in early 2000. ETFs, first created in the early 1990s, combined aspects of traditional mutual funds and closed-end funds. The US ETF industry had reached... View Details
Keywords: Investment Funds; Managerial Roles; Growth and Development Strategy; Experience and Expertise; Market Entry and Exit; Network Effects; Profit; Business and Shareholder Relations; Product Launch; Asset Management; Distribution Channels; Ownership; Financial Services Industry; United States
Pozen, Robert C., and Steven Vickers. "Exchange-Traded Funds at Vanguard (A)." Harvard Business School Case 311-134, June 2011. (Revised September 2011.)