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Yuehua Tang

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Working papers

  1. Alejandro Lopez-Lira & Yuehua Tang & Mingyin Zhu, 2025. "The Memorization Problem: Can We Trust LLMs' Economic Forecasts?," Papers 2504.14765, arXiv.org, revised Dec 2025.

    Cited by:

    1. Leland D. Crane & Akhil Karra & Paul E. Soto, 2025. "Total Recall? Evaluating the Macroeconomic Knowledge of Large Language Models," Finance and Economics Discussion Series 2025-044, Board of Governors of the Federal Reserve System (U.S.).
    2. Zhenyu Gao & Wenxi Jiang & Yutong Yan, 2025. "A Test of Lookahead Bias in LLM Forecasts," Papers 2512.23847, arXiv.org.
    3. Ke Wu & Baozhong Yang & Zhenkun Ying & Dexin Zhou, 2025. "Anonymization and Information Loss," Papers 2511.15364, arXiv.org.
    4. Alexander Eliseev & Sergei Seleznev, 2026. "Fake Date Tests: Can We Trust In-sample Accuracy of LLMs in Macroeconomic Forecasting?," Papers 2601.07992, arXiv.org.
    5. Didisheim, Antoine & Fraschini, Martina & Somoza, Luciano, 2025. "AI’s predictable memory in financial analysis," Economics Letters, Elsevier, vol. 256(C).
    6. Mostapha Benhenda, 2026. "Look-Ahead-Bench: a Standardized Benchmark of Look-ahead Bias in Point-in-Time LLMs for Finance," Papers 2601.13770, arXiv.org.
    7. Nikoleta Anesti & Edward Hill & Andreas Joseph, 2025. "Inflation Attitudes of Large Language Models," Papers 2512.14306, arXiv.org.

  2. Menkveld, Albert J. & Dreber, Anna & Holzmeister, Felix & Huber, Juergen & Johannesson, Magnus & Kirchler, Michael & Neusüß, Sebastian & Razen, Michael & Weitzel, Utz & Abad-Díaz, David & Abudy, Menac, 2024. "Nonstandard errors," LSE Research Online Documents on Economics 123002, London School of Economics and Political Science, LSE Library.
    • Albert J. Menkveld & Anna Dreber & Felix Holzmeister & Juergen Huber & Magnus Johannesson & Michael Kirchler & Sebastian Neusüß & Michael Razen & Utz Weitzel & David Abad‐Díaz & Menachem (Meni) Abudy , 2024. "Nonstandard Errors," Journal of Finance, American Finance Association, vol. 79(3), pages 2339-2390, June.
    • Utz Weitzel & Michael Razen & Sebastian Neussüs & Michael Kirchler & Magnus Johannesson & Juergen Huber & Felix Holzmeister & Anna Dreber & Albert J. Menkveld & Javier Gil-Bazo, 2021. "Non-Standard Errors," Working Papers 1303, Barcelona School of Economics.
    • Menkveld, Albert J. & Dreber, Anna & Holzmeister, Felix & Huber, Jürgen & Johannesson, Magnus & Kirchler, Michael & Neusüss, Sebastian & Razen, Michael & Weitzel, Utz, 2021. "Non-standard errors," IWH Discussion Papers 11/2021, Halle Institute for Economic Research (IWH).
    • Albert J. Menkveld & Anna Dreber & Felix Holzmeister & Juergen Huber & Magnus Johannesson & Michael Kirchler & Sebastian Neussüs & Michael Razen & Utz Weitzel & Christian T. Brownlees & Javier Gil-Baz, 2021. "Non-standard errors," Economics Working Papers 1807, Department of Economics and Business, Universitat Pompeu Fabra.
    • Menkveld, Albert J. & Dreber, Anna & Holzmeister, Felix & Huber, Juergen & Johannesson, Magnus & Kirchler, Michael & Neusüss, Sebastian & Razen, Michael & Weitzel, Utz & Abad-Díaz, David & Abudy, Mena, 2021. "Non-Standard Errors," Working Papers 2021:17, Lund University, Department of Economics.
    • Albert J. et al. Menkveld, 2021. "Non-Standard Errors," CESifo Working Paper Series 9453, CESifo.
    • Albert J Menkveld & Anna Dreber & Felix Holzmeister & Juergen Huber & Magnus Johannesson & Michael Kirchler & Sebastian Neusüss & Michael Razen & Utz Weitzel & Gunther Capelle-Blancard & David Abad-Dí, 2021. "Non-Standard Errors," Post-Print halshs-03500882, HAL.
    • Albert J. Menkveld & Anna Dreber & Felix Holzmeister & Juergen Huber & Magnus Johannesson & Michael Kirchler & Sebastian Neus ss & Michael Razen & Utz Weitzel & Edwin Baidoo & Michael Fr mmel & et al, 2021. "Non-Standard Errors," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 21/1032, Ghent University, Faculty of Economics and Business Administration.
    • Francesco Franzoni & Roxana Mihet & Markus Leippold & Per Ostberg & Olivier Scaillet & Norman Schürhoff & Oksana Bashchenko & Nicola Mano & Michele Pelli, 2022. "Non-Standard Errors," Swiss Finance Institute Research Paper Series 22-09, Swiss Finance Institute.
    • Menkveld, A. & Dreber, A. & Holzmeister, F. & Huber, J. & Johannesson, M. & Kirchler, M. & Neusüss, S. & Razen, M. & Neusüss, S. & Neusüss, S., 2021. "Non-Standard Errors," Cambridge Working Papers in Economics 2182, Faculty of Economics, University of Cambridge.
    • Menkveld, Albert J. & Dreber, Anna & Holzmeister, Felix & Huber, Juergen & Johannesson, Magnus & Hasse, Jean-Baptiste & e.a.,, 2023. "Non-Standard Errors," LIDAM Reprints LFIN 2023002, Université catholique de Louvain, Louvain Finance (LFIN).
    • Moinas, Sophie & Declerck, Fany & Menkveld, Albert J. & Dreber, Anna, 2023. "Non-Standard Errors," TSE Working Papers 23-1451, Toulouse School of Economics (TSE).
    • Albert Menkveld & Anna Dreber & Felix Holzmeister & Juergen Huber & Magnus Johannesson & Michael Kirchler & Sebastian Neusüß & Michael Razen & Utz Weitzel & David Abad-Díaz & Tobias Adrian & Yacine Ai, 2024. "Nonstandard Errors," Post-Print hal-04676112, HAL.
    • Menkveld, Albert J. & Dreber, Anna & Holzmeister, Felix & Huber, Jürgen & Johannesson, Magnus & Kirchler, Michael & Neusüss, Sebastian & Razen, Michael & Weitzel, Utz, 2021. "Non-standard errors," SAFE Working Paper Series 327, Leibniz Institute for Financial Research SAFE.
    • Albert J. Menkveld & Anna Dreber & Felix Holzmeister & Jürgen Huber & Magnus Johannesson & Michael Kirchler & Sebastian Neusüss & Michael Razen & Utz Weitzel & David Abad-Dí­az & Menachem Abudy & Tobi, 2021. "Non-Standard Errors," Working Papers 2021-31, Faculty of Economics and Statistics, Universität Innsbruck.
    • Gerardo Ferrara & Simon Jurkatis, 2021. "Non-standard errors," Bank of England working papers 955, Bank of England.
    • Albert Menkveld & Anna Dreber & Felix Holzmeister & Juergen Huber & Magnus Johannesson & Michael Kirchler & Sebastian Neusüß & Michael Razen & Utz Weitzel & David Abad-Díaz & Tobias Adrian & Yacine Ai, 2024. "Nonstandard Errors," Post-Print hal-05077550, HAL.
    • Albert J Menkveld & Anna Dreber & Felix Holzmeister & Juergen Huber & Magnus Johannesson & Michael Kirchler & Sebastian Neusüss & Michael Razen & Utz Weitzel & Gunther Capelle-Blancard & David Abad-Dí, 2021. "Non-Standard Errors," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-03500882, HAL.
    • Albert Menkveld & Anna Dreber & Felix Holzmeister & Juergen Huber & Magnus Johannesson & Michael Kirchler & Sebastian Neusüß & Michael Razen & Utz Weitzel & David Abad-Díaz & Tobias Adrian & Yacine Ai, 2024. "Nonstandard Errors," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-05077550, HAL.
    • Ciril Bosch-Rosa & Bernhard Kassner, 2023. "Non-Standard Errors," Rationality and Competition Discussion Paper Series 385, CRC TRR 190 Rationality and Competition.
    • Wolff, Christian & Menkveld, Albert J. & Dreber, Anna & Holzmeister, Felix & Huber, Juergen & Johannesson, Magnus & Kirchler, Michael & Neusüess, Sebastian & Razen, Michael & Weitzel, Utz, 2021. "Non-Standard Errors," CEPR Discussion Papers 16751, C.E.P.R. Discussion Papers.
    • Albert J. Menkveld & Anna Dreber & Félix Holzmeister & Juergen Huber & Magnus Johannesson & Michael Kirchler & Sebastian Neusüss & Michael Razen & Utz Weitzel & Gunther Capelle-Blancard, 2021. "Non-Standard Errors," Documents de travail du Centre d'Economie de la Sorbonne 21033, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.

    Cited by:

    1. Guillaume Coqueret, 2023. "Forking paths in financial economics," Papers 2401.08606, arXiv.org.
    2. Dreber, Anna & Johannesson, Magnus, 2023. "A framework for evaluating reproducibility and replicability in economics," Ruhr Economic Papers 1055, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    3. Fišar, Miloš & Greiner, Ben & Huber, Christoph & Katok, Elena & Ozkes, Ali & Collaboration, Management Science Reproducibility, 2023. "Reproducibility in Management Science," OSF Preprints mydzv, Center for Open Science.
    4. Huntington-Klein, Nick & Pörtner, Claus C. & Acharya, Yubraj & Adamkovic, Matus & Adema, Joop & Agasa, Lameck Ondieki & Ahmad, Imtiaz & Akbulut-Yuksel, Mevlude & Andresen, Martin Eckhoff & Angenendt, , 2025. "The Sources of Researcher Variation in Economics," I4R Discussion Paper Series 209, The Institute for Replication (I4R).
    5. Christoph Huber & Christian König-Kersting & Matteo M. Marini, 2022. "Experimenting with Financial Professionals," Working Papers 2022-07, Faculty of Economics and Statistics, Universität Innsbruck, revised Jun 2024.
    6. Liu, Fang & Rasch, Alexander & Schwarz, Marco A. & Waibel, Christian, 2025. "The role of diagnostic ability in markets for expert services," European Economic Review, Elsevier, vol. 180(C).
    7. Christophe Pérignon & Olivier Akmansoy & Christophe Hurlin & Anna Dreber & Felix Holzmeister & Juergen Huber & Magnus Johanneson & Michael Kirchler & Albert J Menkveld & Michael Razen & Utz Weitzel, 2022. "Reproducibility of Empirical Results: Evidence from 1,000 Tests in Finance," Working Papers hal-03810013, HAL.
    8. Soebhag, Amar & Van Vliet, Bart & Verwijmeren, Patrick, 2024. "Non-standard errors in asset pricing: Mind your sorts," Journal of Empirical Finance, Elsevier, vol. 78(C).
    9. Nate Breznau & Eike Mark Rinke & Alexander Wuttke & Hung H. V. Nguyen & Muna Adem & Jule Adriaans & Amalia Alvarez-Benjumea & Henrik K. Andersen & Daniel Auer & Flavio Azevedo & Oke Bahnsen & Dave Bal, 2022. "Observing many researchers using the same data and hypothesis reveals a hidden universe of uncertainty," Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences, vol. 119(44), pages 2203150119-, November.
    10. Stephen A. Gorman & Frank J. Fabozzi, 2023. "Alternative risk premium: specification noise," Journal of Asset Management, Palgrave Macmillan, vol. 24(6), pages 459-473, October.
    11. van Cappelle, Tjeerd & Pokidin, Dmytro & Zwinkels, Remco C.J., 2025. "The cross section of stock returns in an artificial stock market," Journal of Economic Behavior & Organization, Elsevier, vol. 239(C).
    12. van Dolder, Dennie & Vandenbroucke, Jurgen, 2024. "Behavioral risk profiling: Measuring loss aversion of individual investors," Journal of Banking & Finance, Elsevier, vol. 168(C).

  3. Alejandro Lopez-Lira & Yuehua Tang, 2023. "Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Models," Papers 2304.07619, arXiv.org, revised Oct 2025.

    Cited by:

    1. Yujie Ding & Shuai Jia & Tianyi Ma & Bingcheng Mao & Xiuze Zhou & Liuliu Li & Dongming Han, 2023. "Integrating Stock Features and Global Information via Large Language Models for Enhanced Stock Return Prediction," Papers 2310.05627, arXiv.org.
    2. Zihan Chen & Lei Nico Zheng & Cheng Lu & Jialu Yuan & Di Zhu, 2023. "ChatGPT Informed Graph Neural Network for Stock Movement Prediction," Papers 2306.03763, arXiv.org, revised Sep 2023.
    3. Haohan Zhang & Fengrui Hua & Chengjin Xu & Hao Kong & Ruiting Zuo & Jian Guo, 2023. "Unveiling the Potential of Sentiment: Can Large Language Models Predict Chinese Stock Price Movements?," Papers 2306.14222, arXiv.org, revised May 2024.
    4. Marra de Artiñano, Ignacio & Riottini Depetris, Franco & Volpe Martincus, Christian, 2023. "Automatic Product Classification in International Trade: Machine Learning and Large Language Models," IDB Publications (Working Papers) 12962, Inter-American Development Bank.
    5. Manish Jha & Jialin Qian & Michael Weber & Baozhong Yang, 2024. "Generative AI, Managerial Expectations, and Economic Activity," Papers 2410.03897, arXiv.org, revised Nov 2025.
    6. Polina Pogorelova, 2024. "Investigation of the impact of uncertainty indices on Bitcoin volatility using the ARDL model," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 74, pages 35-50.
    7. Paul Glasserman & Caden Lin, 2023. "Assessing Look-Ahead Bias in Stock Return Predictions Generated By GPT Sentiment Analysis," Papers 2309.17322, arXiv.org.
    8. Kelvin J. L. Koa & Yunshan Ma & Ritchie Ng & Tat-Seng Chua, 2024. "Learning to Generate Explainable Stock Predictions using Self-Reflective Large Language Models," Papers 2402.03659, arXiv.org, revised Feb 2024.
    9. Ummara Mumtaz & Summaya Mumtaz, 2023. "Potential of ChatGPT in predicting stock market trends based on Twitter Sentiment Analysis," Papers 2311.06273, arXiv.org.
    10. Alex Kim & Maximilian Muhn & Valeri Nikolaev, 2024. "Financial Statement Analysis with Large Language Models," Papers 2407.17866, arXiv.org, revised Feb 2025.
    11. Georgios Fatouros & Konstantinos Metaxas & John Soldatos & Dimosthenis Kyriazis, 2024. "Can Large Language Models Beat Wall Street? Unveiling the Potential of AI in Stock Selection," Papers 2401.03737, arXiv.org, revised Apr 2024.
    12. Yuqi Nie & Yaxuan Kong & Xiaowen Dong & John M. Mulvey & H. Vincent Poor & Qingsong Wen & Stefan Zohren, 2024. "A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challenges," Papers 2406.11903, arXiv.org.
    13. Boyang Yu, 2023. "Benchmarking Large Language Model Volatility," Papers 2311.15180, arXiv.org.
    14. Michael Bauer & Daniel Huber & Eric Offner & Marlene Renkel & Ole Wilms & Michael D. Bauer, 2024. "Corporate Green Pledges," CESifo Working Paper Series 11507, CESifo.
    15. Francisco Peñaranda & Enrique Sentana, 2024. "Portfolio management with big data," Working Papers wp2024_2411, CEMFI.
    16. Han Ding & Yinheng Li & Junhao Wang & Hang Chen & Doudou Guo & Yunbai Zhang, 2024. "Large Language Model Agent in Financial Trading: A Survey," Papers 2408.06361, arXiv.org, revised Mar 2026.
    17. Jaskaran Singh Walia & Aarush Sinha & Srinitish Srinivasan & Srihari Unnikrishnan, 2025. "Predicting Liquidity-Aware Bond Yields using Causal GANs and Deep Reinforcement Learning with LLM Evaluation," Papers 2502.17011, arXiv.org.
    18. Rick Steinert & Saskia Altmann, 2023. "Linking microblogging sentiments to stock price movement: An application of GPT-4," Papers 2308.16771, arXiv.org.
    19. Baptiste Lefort & Eric Benhamou & Jean-Jacques Ohana & David Saltiel & Beatrice Guez & Thomas Jacquot, 2024. "Stress index strategy enhanced with financial news sentiment analysis for the equity markets," Papers 2404.00012, arXiv.org.
    20. Li Zhao & Rui Sun & Zuoyou Jiang & Bo Yang & Yuxiao Bai & Mengting Chen & Xinyang Wang & Jing Li & Zuo Bai, 2025. "ContestTrade: A Multi-Agent Trading System Based on Internal Contest Mechanism," Papers 2508.00554, arXiv.org, revised Aug 2025.
    21. Claudia Biancotti & Carolina Camassa, 2023. "Loquacity and visible emotion: ChatGPT as a policy advisor," Questioni di Economia e Finanza (Occasional Papers) 814, Bank of Italy, Economic Research and International Relations Area.
    22. Jeongbin Kim & Matthew Kovach & Kyu-Min Lee & Euncheol Shin & Hector Tzavellas, 2024. "Learning to be Homo Economicus: Can an LLM Learn Preferences from Choice," Papers 2401.07345, arXiv.org.
    23. Herbert Dawid & Philipp Harting & Hankui Wang & Zhongli Wang & Jiachen Yi, 2025. "Agentic Workflows for Economic Research: Design and Implementation," Papers 2504.09736, arXiv.org.
    24. Ko, Hyungjin & Lee, Jaewook, 2024. "Can ChatGPT improve investment decisions? From a portfolio management perspective," Finance Research Letters, Elsevier, vol. 64(C).
    25. Hanshuang Tong & Jun Li & Ning Wu & Ming Gong & Dongmei Zhang & Qi Zhang, 2024. "Ploutos: Towards interpretable stock movement prediction with financial large language model," Papers 2403.00782, arXiv.org.
    26. Manish Jha & Jialin Qian & Michael Weber & Baozhong Yang, 2024. "ChatGPT and Corporate Policies," Papers 2409.17933, arXiv.org, revised Feb 2025.
    27. Liping Wang & Jiawei Li & Lifan Zhao & Zhizhuo Kou & Xiaohan Wang & Xinyi Zhu & Hao Wang & Yanyan Shen & Lei Chen, 2023. "Methods for Acquiring and Incorporating Knowledge into Stock Price Prediction: A Survey," Papers 2308.04947, arXiv.org.
    28. Udit Gupta, 2023. "GPT-InvestAR: Enhancing Stock Investment Strategies through Annual Report Analysis with Large Language Models," Papers 2309.03079, arXiv.org.
    29. Marius Hofert, 2023. "Correlation Pitfalls with ChatGPT: Would You Fall for Them?," Risks, MDPI, vol. 11(7), pages 1-17, June.
    30. Edward Li & Min Shen & Zhiyuan Tu & Dexin Zhou, 2024. "The Promise and Peril of Generative AI: Evidence from GPT as Sell-Side Analysts," Papers 2412.01069, arXiv.org, revised Oct 2025.
    31. Zihan Dong & Xinyu Fan & Zhiyuan Peng, 2024. "FNSPID: A Comprehensive Financial News Dataset in Time Series," Papers 2402.06698, arXiv.org.
    32. Alex Kim & Maximilian Muhn & Valeri Nikolaev, 2023. "From Transcripts to Insights: Uncovering Corporate Risks Using Generative AI," Papers 2310.17721, arXiv.org, revised Mar 2025.
    33. Mostapha Benhenda, 2025. "FinRL-DeepSeek: LLM-Infused Risk-Sensitive Reinforcement Learning for Trading Agents," Papers 2502.07393, arXiv.org.
    34. Van Pham & Scott Cunningham, 2024. "Can Base ChatGPT be Used for Forecasting without Additional Optimization?," Papers 2404.07396, arXiv.org, revised Jul 2024.
    35. Junwei Su & Shan Wu & Jinhui Li, 2024. "MTRGL:Effective Temporal Correlation Discerning through Multi-modal Temporal Relational Graph Learning," Papers 2401.14199, arXiv.org, revised Feb 2024.
    36. Baptiste Lefort & Eric Benhamou & Jean-Jacques Ohana & David Saltiel & Beatrice Guez & Damien Challet, 2024. "Can ChatGPT Compute Trustworthy Sentiment Scores from Bloomberg Market Wraps?," Papers 2401.05447, arXiv.org.
    37. Julian Junyan Wang & Victor Xiaoqi Wang, 2025. "Assessing Consistency and Reproducibility in the Outputs of Large Language Models: Evidence Across Diverse Finance and Accounting Tasks," Papers 2503.16974, arXiv.org, revised Sep 2025.
    38. Baptiste Lefort & Eric Benhamou & Jean-Jacques Ohana & David Saltiel & Beatrice Guez, 2024. "Optimizing Performance: How Compact Models Match or Exceed GPT's Classification Capabilities through Fine-Tuning," Papers 2409.11408, arXiv.org.
    39. Thomas R. Cook & Sophia Kazinnik & Anne Lundgaard Hansen & Peter McAdam, 2023. "Evaluating Local Language Models: An Application to Bank Earnings Calls," Research Working Paper RWP 23-12, Federal Reserve Bank of Kansas City.
    40. Dat Mai, 2024. "StockGPT: A GenAI Model for Stock Prediction and Trading," Papers 2404.05101, arXiv.org, revised Oct 2024.

  4. Wei Jiang & Yuehua Tang & Rachel (Jiqiu) Xiao & Vincent Yao, 2021. "Surviving the Fintech Disruption," NBER Working Papers 28668, National Bureau of Economic Research, Inc.

    Cited by:

    1. Nyakurukwa, Kingstone & Seetharam, Yudhvir & Chipeta, Chimwemwe, 2025. "The role of acquaintances' characteristics in shaping digital payment technology," Finance Research Letters, Elsevier, vol. 76(C).
    2. Marin, Giovanni & Vona, Francesco, 2023. "Finance and the reallocation of scientific, engineering and mathematical talent," Research Policy, Elsevier, vol. 52(5).
    3. Hasan, Iftekhar & Li, Xiang & Takalo, Tuomas, 2023. "Technological innovation and the bank lending channel of monetary policy transmission," BOFIT Discussion Papers 9/2023, Bank of Finland Institute for Emerging Economies (BOFIT).
    4. Chen, Yanting & Dong, Yingwei & Hu, Jiayin & Huang, Yiping, 2025. "Does FinTech reduce human biases? Evidence from advisory vs. automated FinTechs in lending," Journal of Banking & Finance, Elsevier, vol. 181(C).
    5. Mr. Boileau Loko & Yuanchen Yang, 2022. "Fintech, Female Employment, and Gender Inequality," IMF Working Papers 2022/108, International Monetary Fund.
    6. Douglas Cumming & Hisham Farag & Santosh Koirala & Danny McGowan, 2026. "How Disruptive is Financial Technology?," Papers 2601.14071, arXiv.org, revised Jan 2026.
    7. Wang, Yichen & Hu, Jun & Chen, Jia, 2023. "Does Fintech facilitate cross-border M&As? Evidence from Chinese A-share listed firms," International Review of Financial Analysis, Elsevier, vol. 85(C).
    8. Ding, Jingxuan & Luo, Jingwen & Xu, Xian, 2025. "How does Fintech shape the functioning of SMEs' risk managements? The case of face-scan payment," International Review of Financial Analysis, Elsevier, vol. 97(C).

  5. Agarwal, Vikas & Mullally, Kevin Andrew & Tang, Yuehua & Yang, Baozhong, 2014. "Mandatory portfolio disclosure, stock liquidity, and mutual fund performance," CFR Working Papers 13-04 [rev.], University of Cologne, Centre for Financial Research (CFR).

    Cited by:

    1. Wang, Kai & Li, Tingting & San, Ziyao & Gao, Hao, 2023. "How does corporate ESG performance affect stock liquidity? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    2. Sani, Jalal & Shroff, Nemit & White, Hal, 2023. "Spillover effects of mandatory portfolio disclosures on corporate investment," Journal of Accounting and Economics, Elsevier, vol. 76(2).
    3. Roy, Partha P. & Rao, Sandeep & Zhu, Min, 2022. "Mandatory CSR expenditure and stock market liquidity," Journal of Corporate Finance, Elsevier, vol. 72(C).
    4. Jaspersen, Stefan, 2021. "Mutual Fund Bets on Market Power," CFR Working Papers 16-07, University of Cologne, Centre for Financial Research (CFR), revised 2021.
    5. He, Feng & Feng, Yaqian & Hao, Jing, 2023. "Corporate ESG rating and stock market liquidity: Evidence from China," Economic Modelling, Elsevier, vol. 129(C).
    6. Lili Chen, 2024. "Data assetization and capital market information efficiency: evidence from Hidden Champion SMEs in China," Future Business Journal, Springer, vol. 10(1), pages 1-23, December.
    7. Rösch, Dominik M. & Subrahmanyam, Avanidhar & van Dijk, Mathijs A., 2022. "Investor short-termism and real investment," Journal of Financial Markets, Elsevier, vol. 59(PB).
    8. Thomas J. George & Chuan-Yang Hwang, 2015. "Disclosure Policies of Investment Funds," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 5(01), pages 1-49.
    9. Cespa, Giovanni & Colla, Paolo, 2016. "Market Fragmentation, Dissimulation, and the Disclosure of Insider Trades," CEPR Discussion Papers 11690, C.E.P.R. Discussion Papers.
    10. Xiangang Xin & P. Eric Yeung & Zilong Zhang, 2024. "Wrong Kind of Transparency? Mutual Funds’ Higher Reporting Frequency, Window Dressing, and Performance," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 62(2), pages 737-781, May.
    11. Zhe Chen & David R. Gallagher & Adrian D. Lee & Tom Smith, 2017. "Testing the effect of portfolio holdings disclosure in an environment absent of mandatory disclosure," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(1), pages 113-129, March.
    12. Agarwal, Vikas & Mullally, Kevin & Tang, Yuehua & Yang, Baozhong, 2013. "Mandatory portfolio disclosure, stock liquidity, and mutual fund performance," CFR Working Papers 13-04, University of Cologne, Centre for Financial Research (CFR).
    13. Halim, Edward & Riyanto, Yohanes E., 2020. "Asset markets with insider trading disclosure rule and reselling constraint: An experimental analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 110(C).
    14. Cici, Gjergji & Hendriock, Mario & Kempf, Alexander, 2021. "The impact of labor mobility restrictions on managerial actions: Evidence from the mutual fund industry," Journal of Banking & Finance, Elsevier, vol. 122(C).
    15. Kryzanowski, Lawrence & Mohebshahedin, Mahmood, 2020. "Transparency and fund governance efficacy: The effect of the SEC'S disclosure rule on advisory contracts," Journal of Corporate Finance, Elsevier, vol. 62(C).
    16. Shrestha, Chaman & Andrikopoulos, Panagiotis & Park, Jin Suk, 2025. "ESG rating and financial performance in the emerging markets: The moderating effects of cross-listing and industry type," Research in International Business and Finance, Elsevier, vol. 77(PA).
    17. Hu, Gang & Jo, Koren M. & Wang, Yi Alex & Xie, Jing, 2018. "Institutional trading and Abel Noser data," Journal of Corporate Finance, Elsevier, vol. 52(C), pages 143-167.
    18. Jaspersen, Stefan & Limbach, Peter, 2018. "Knowing Me, Knowing You? Similarity to the CEO and Fund Managers' Investment Decisions," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy 181501, Verein für Socialpolitik / German Economic Association.
    19. Kwon, Sungjoung & Lowry, Michelle & Qian, Yiming, 2020. "Mutual fund investments in private firms," Journal of Financial Economics, Elsevier, vol. 136(2), pages 407-443.
    20. Agarwal, Vikas & Gay, Gerald D. & Ling, Leng, 2014. "Window dressing in mutual funds," CFR Working Papers 11-07 [rev.3], University of Cologne, Centre for Financial Research (CFR).
    21. Qifei Zhu, 2020. "The Missing New Funds," Management Science, INFORMS, vol. 66(3), pages 1193-1204, March.
    22. Parida, Sitikantha, 2024. "The impact of salient fees: Evidence from the mutual fund market," International Review of Financial Analysis, Elsevier, vol. 92(C).
    23. Carmen Pilar Martí Ballester, 2020. "Does Concurrent Management of Mutual Funds and Pension Plans Create Conflicts of Interest?," Ensayos de Economía 18307, Universidad Nacional de Colombia Sede Medellín.
    24. Yanan Li & Wenjun Wang, 2022. "Company visits and mutual fund performance: new evidence on managerial skills," Journal of Asset Management, Palgrave Macmillan, vol. 23(6), pages 504-521, October.
    25. Ge, Yao & Hung, Shengmin & Huang, Wei & Qiao, Zheng & Deng, Xin, 2023. "Mutual fund herding and audit pricing," Research in International Business and Finance, Elsevier, vol. 64(C).
    26. Jank, Stephan & Roling, Christoph & Smajlbegovic, Esad, 2016. "Flying under the radar: The effects of short-sale disclosure rules on investor behavior and stock prices," Discussion Papers 25/2016, Deutsche Bundesbank.
    27. Zhongfei Chen & Yu Xiao & Kangqi Jiang, 2023. "Corporate green innovation and stock liquidity in China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(S1), pages 1381-1415, April.
    28. Didier Georges & Isabelle Girerd-Potin, 2017. "A Discrete-Time State Observer Approach to Discovering Portfolio Holdings," Post-Print hal-01651627, HAL.
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    31. Tao, Miaomiao & Lin, Boqiang & Poletti, Stephen & Roubaud, David, 2025. "Greener pastures, steadier returns: ESG ratings and idiosyncratic risk management," International Review of Economics & Finance, Elsevier, vol. 100(C).
    32. Shi, Zhen, 2017. "The impact of portfolio disclosure on hedge fund performance," Journal of Financial Economics, Elsevier, vol. 126(1), pages 36-53.
    33. Agarwal, Vikas & Gay, Gerald D. & Ling, Leng, 2013. "Window dressing in mutual funds," CFR Working Papers 11-07 [rev.2], University of Cologne, Centre for Financial Research (CFR).
    34. Agarwal, Vikas & Cao, Sean Shun & Huang, Shawn & Kim, Min, 2025. "Incentive realignment: Mutual funds' influence on executive compensation contracts," CFR Working Papers 25-08, University of Cologne, Centre for Financial Research (CFR).
    35. Mei Cheng & Yuan Zhang & Meiling Zhao, 2025. "The role of equity underwriters in shaping corporate disclosure," Review of Accounting Studies, Springer, vol. 30(1), pages 247-286, March.
    36. Abuzov, Rustam & Gornall, Will & Strebulaev, Ilya A., 2025. "The value of privacy and the choice of limited partners by venture capitalists," Journal of Financial Economics, Elsevier, vol. 169(C).
    37. Sean Shun Cao & Kai Du & Baozhong Yang & Alan L. Zhang, 2021. "Copycat Skills and Disclosure Costs: Evidence from Peer Companies’ Digital Footprints," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 59(4), pages 1261-1302, September.
    38. Chen, Lili & Liu, Jianxiang, 2024. "Mutual fund illiquidity, selling pressure, and left-tail risk in stocks," Economics Letters, Elsevier, vol. 242(C).
    39. Caiming Nie & Yang Gao & Ting Ren, 2025. "The impact of social media on fund net capital flow and performance," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-14, December.
    40. Deng, Xin & Hung, Shengmin & Qiao, Zheng, 2018. "Mutual fund herding and stock price crashes," Journal of Banking & Finance, Elsevier, vol. 94(C), pages 166-184.
    41. Pi‐Hsia Hung & Donald Lien & Yun‐Ju Chien, 2020. "Portfolio concentration and fund manager performance," Review of Financial Economics, John Wiley & Sons, vol. 38(3), pages 423-451, July.
    42. Hagenberg, Thomas C., 2025. "Transaction-level transparency and portfolio mimicking," Journal of Accounting and Economics, Elsevier, vol. 79(1).
    43. deHaan, Ed & Song, Yang & Xie, Chloe & Zhu, Christina, 2021. "Obfuscation in mutual funds," Journal of Accounting and Economics, Elsevier, vol. 72(2).
    44. Hung, Pi-Hsia & Lien, Donald & Kuo, Ming-Sin, 2020. "Window dressing in equity mutual funds," The Quarterly Review of Economics and Finance, Elsevier, vol. 78(C), pages 338-354.
    45. Christine Helliar & Barbara Petracci & Nongnuch Tantisantiwong, 2022. "Comparing SRI funds to conventional funds using a PCA methodology," Journal of Asset Management, Palgrave Macmillan, vol. 23(7), pages 581-595, December.
    46. Foroughi, Pouyan & Marcus, Alan & Nguyen, Vinh, 2024. "Mutual fund pollution experience and environmental voting," Journal of Banking & Finance, Elsevier, vol. 162(C).
    47. Antoniou, Constantinos & Mitali, Shema F., 2023. "Do stock-level experienced returns influence security selection?," Journal of Banking & Finance, Elsevier, vol. 157(C).
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    50. Li, Zhibing & Liu, Jia & Liu, Jie & Liu, Xiaoyu & Wu, Chonglin, 2025. "Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments," Journal of Banking & Finance, Elsevier, vol. 179(C).
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  6. Agarwal, Vikas & Jiang, Wei & Tang, Yuehua & Yang, Baozhong, 2010. "Uncovering hedge fund skill from the portfolio holdings they hide," CFR Working Papers 10-09, University of Cologne, Centre for Financial Research (CFR).

    Cited by:

    1. Kuzmina, Olga & Kelly, Patrick & Gorovyy, Sergiy, 2020. "Does Secrecy Signal Skill? Characteristics and Performance of Secretive Hedge Funds," CEPR Discussion Papers 14873, C.E.P.R. Discussion Papers.
    2. Rama Malladi & Frank J. Fabozzi, 2017. "Skillful hiding: evaluating hedge fund managers’ performance based on what they hide," Applied Economics, Taylor & Francis Journals, vol. 49(7), pages 664-676, February.
    3. Agarwal, Vikas & Gay, Gerald D. & Ling, Leng, 2011. "Window dressing in mutual funds," CFR Working Papers 11-07, University of Cologne, Centre for Financial Research (CFR).
    4. Vikas Agarwal & Stefan Ruenzi & Florian Weigert, 2018. "Unobserved Performance of Hedge Funds," Working Papers on Finance 1825, University of St. Gallen, School of Finance.
    5. Holod, Dmytro & Kitsul, Yuriy & Torna, Gӧkhan, 2025. "Hedge fund activism and loan loss provisioning in U.S. banks," Journal of Banking & Finance, Elsevier, vol. 178(C).
    6. Lu, Yan & Ray, Sugata & Teo, Melvyn, 2016. "Limited attention, marital events and hedge funds," Journal of Financial Economics, Elsevier, vol. 122(3), pages 607-624.
    7. Chen, Yong & Kelly, Bryan & Wu, Wei, 2020. "Sophisticated investors and market efficiency: Evidence from a natural experiment," Journal of Financial Economics, Elsevier, vol. 138(2), pages 316-341.
    8. Alldredge, Dallin M. & Caglayan, Mustafa O. & Celiker, Umut, 2022. "How do investors trade R&D-intensive Stocks? Evidence from hedge funds and other institutional investors," Journal of Banking & Finance, Elsevier, vol. 134(C).
    9. Kumar, Nitish & Mullally, Kevin & Ray, Sugata & Tang, Yuehua, 2020. "Prime (information) brokerage," Journal of Financial Economics, Elsevier, vol. 137(2), pages 371-391.
    10. Chen, Honghui & Kumar, Alok & Lu, Yan & Singh, Ajai, 2022. "Do Hedge Fund Managers Understand Politics? Political Sensitivity and Investment Skill," Journal of Banking & Finance, Elsevier, vol. 135(C).
    11. Nathan Swem, 2017. "Information in Financial Markets : Who Gets It First?," Finance and Economics Discussion Series 2017-023, Board of Governors of the Federal Reserve System (U.S.).
    12. Cao, Charles & Petrasek, Lubomir, 2014. "Liquidity risk and institutional ownership," Journal of Financial Markets, Elsevier, vol. 21(C), pages 76-97.
    13. Gimenes, André Dias & Colombo, Jéfferson Augusto & Yousaf, Imran, 2023. "Store of value or speculative investment? Market reaction to corporate announcements of cryptocurrency acquisition," Textos para discussão 563, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    14. Aragon, George O. & Martin, J. Spencer & Shi, Zhen, 2019. "Who benefits in a crisis? Evidence from hedge fund stock and option holdings," Journal of Financial Economics, Elsevier, vol. 131(2), pages 345-361.
    15. Agarwal, Vikas & Mullally, Kevin & Tang, Yuehua & Yang, Baozhong, 2013. "Mandatory portfolio disclosure, stock liquidity, and mutual fund performance," CFR Working Papers 13-04, University of Cologne, Centre for Financial Research (CFR).
    16. Clemens Sialm & Zheng Sun & Lu Zheng, 2013. "Home Bias and Local Contagion: Evidence from Funds of Hedge Funds," NBER Working Papers 19570, National Bureau of Economic Research, Inc.
    17. Martin Lettau & Sydney C. Ludvigson & Paulo Manoel, 2018. "Characteristics of Mutual Fund Portfolios: Where Are the Value Funds?," NBER Working Papers 25381, National Bureau of Economic Research, Inc.
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    19. Nerissa C. Brown & Kelsey D. Wei & Russ Wermers, 2014. "Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices," Management Science, INFORMS, vol. 60(1), pages 1-20, January.
    20. Dasgupta, Amil & Fos, Vyacheslav & Sautner, Zacharias, 2021. "Institutional investors and corporate governance," LSE Research Online Documents on Economics 112114, London School of Economics and Political Science, LSE Library.
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    22. Agarwal, Vikas & Fos, Vyacheslav & Jiang, Wei, 2012. "Inferring reporting biases in hedge fund databases from hedge fund equity holdings," CFR Working Papers 10-08 [rev.], University of Cologne, Centre for Financial Research (CFR).
    23. Sara Ain Tommar & Olga Kolokolova & Roberto Mura, 2022. "When Paid Work Gives in to Unpaid Care Work: Evidence from the Hedge Fund Industry Under COVID-19," Management Science, INFORMS, vol. 68(8), pages 6250-6267, August.
    24. Kryzanowski, Lawrence & Mohebshahedin, Mahmood, 2020. "Transparency and fund governance efficacy: The effect of the SEC'S disclosure rule on advisory contracts," Journal of Corporate Finance, Elsevier, vol. 62(C).
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    27. Swem, Nathan, 2022. "Information in financial markets: Who gets it first?," Journal of Banking & Finance, Elsevier, vol. 140(C).
    28. Costas Siriopoulos & Dionisis Philippas, 2024. "Putting corona into hedge fund managers' head," Economics Bulletin, AccessEcon, vol. 44(1), pages 341-357.
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    30. Jiao, Yawen & Ye, Pengfei, 2014. "Mutual fund herding in response to hedge fund herding and the impacts on stock prices," Journal of Banking & Finance, Elsevier, vol. 49(C), pages 131-148.
    31. Bali, Turan G. & Weigert, Florian, 2021. "Hedge funds and the positive idiosyncratic volatility effect," CFR Working Papers 21-01, University of Cologne, Centre for Financial Research (CFR).
    32. Ha, JinGi, 2025. "Institutional trading and satellite data," Finance Research Letters, Elsevier, vol. 71(C).
    33. Ludwig Chincarini, 2014. "The Impact of Quantitative Methods on Hedge Fund Performance," European Financial Management, European Financial Management Association, vol. 20(5), pages 857-890, November.
    34. Agarwal, Vikas & Gay, Gerald D. & Ling, Leng, 2014. "Window dressing in mutual funds," CFR Working Papers 11-07 [rev.3], University of Cologne, Centre for Financial Research (CFR).
    35. Fangjian Fu & Sheng Huang, 2016. "The Persistence of Long-Run Abnormal Returns Following Stock Repurchases and Offerings," Management Science, INFORMS, vol. 62(4), pages 964-984, April.
    36. Agarwal, Vikas & Green, Tracy Clifton & Ren, Honglin, 2017. "Alpha or beta in the eye of the beholder: What drives hedge fund flows?," CFR Working Papers 15-08, University of Cologne, Centre for Financial Research (CFR), revised 2017.
    37. Gargano, Antonio & Rossi, Alberto G. & Wermers, Russ, 2015. "The freedom of information act and the race towards information acquisition," CFR Working Papers 16-02, University of Cologne, Centre for Financial Research (CFR).
    38. Rui, Yixuan & Durand, Robert B., 2025. "Hedge funds, short sales, and the 52-week high," Journal of Behavioral and Experimental Finance, Elsevier, vol. 47(C).
    39. Jordan Schoenfeld, 2020. "Contracts Between Firms and Shareholders," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 58(2), pages 383-427, May.
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    41. Jank, Stephan & Roling, Christoph & Smajlbegovic, Esad, 2016. "Flying under the radar: The effects of short-sale disclosure rules on investor behavior and stock prices," Discussion Papers 25/2016, Deutsche Bundesbank.
    42. Didier Georges & Isabelle Girerd-Potin, 2017. "A Discrete-Time State Observer Approach to Discovering Portfolio Holdings," Post-Print hal-01651627, HAL.
    43. Anzhela Knyazeva & Diana Knyazeva & Leonard Kostovetsky, 2018. "Investor heterogeneity and trading," European Financial Management, European Financial Management Association, vol. 24(4), pages 680-718, September.
    44. Carolin Pflueger & Emil Siriwardane & Adi Sunderam, 2018. "A Measure of Risk Appetite for the Macroeconomy," NBER Working Papers 24529, National Bureau of Economic Research, Inc.
    45. DeVault, Luke & Sias, Richard, 2017. "Hedge fund politics and portfolios," Journal of Banking & Finance, Elsevier, vol. 75(C), pages 80-97.
    46. Agarwal, Vikas & Gay, Gerald D. & Ling, Leng, 2012. "Performance inconsistency in mutual funds: An investigation of window-dressing behavior," CFR Working Papers 11-07 [rev.], University of Cologne, Centre for Financial Research (CFR).
    47. Xi Dong & Shu Feng & Ronnie Sadka, 2019. "Liquidity Risk and Mutual Fund Performance," Management Science, INFORMS, vol. 65(3), pages 1020-1041, March.
    48. Turan G. Bali & Florian Weigert, 2018. "Have Hedge Funds Solved the Idiosyncratic Volatility Puzzle?," Working Papers on Finance 1827, University of St. Gallen, School of Finance.
    49. Boone, Audra L. & Floros, Ioannis V. & Johnson, Shane A., 2016. "Redacting proprietary information at the initial public offering," Journal of Financial Economics, Elsevier, vol. 120(1), pages 102-123.
    50. Alan Crane & Kevin Crotty & Tarik Umar, 2023. "Hedge Funds and Public Information Acquisition," Management Science, INFORMS, vol. 69(6), pages 3241-3262, June.
    51. Adam L. Aiken & Christopher P. Clifford & Jesse Ellis, 2015. "The Value of Funds of Hedge Funds: Evidence from Their Holdings," Management Science, INFORMS, vol. 61(10), pages 2415-2429, October.
    52. Shi, Zhen, 2017. "The impact of portfolio disclosure on hedge fund performance," Journal of Financial Economics, Elsevier, vol. 126(1), pages 36-53.
    53. Agarwal, Vikas & Gay, Gerald D. & Ling, Leng, 2013. "Window dressing in mutual funds," CFR Working Papers 11-07 [rev.2], University of Cologne, Centre for Financial Research (CFR).
    54. Agarwal, Vikas & Fos, Vyacheslav & Jiang, Wei, 2010. "Inferring reporting biases in hedge fund databases from hedge fund equity holdings," CFR Working Papers 10-08, University of Cologne, Centre for Financial Research (CFR).
    55. Zheng, Jiayi & Zhu, Yushu, 2023. "Algorithmic trading and block ownership initiation: An information perspective," The British Accounting Review, Elsevier, vol. 55(4).
    56. DeVault, Luke & Turtle, H.J. & Wang, Kainan, 2021. "Blessing or curse? Institutional investment in leveraged ETFs," Journal of Banking & Finance, Elsevier, vol. 129(C).
    57. Pierre Collin-Dufresne & Vyacheslav Fos, 2013. "Moral Hazard, Informed Trading, and Stock Prices," NBER Working Papers 19619, National Bureau of Economic Research, Inc.
    58. Geraci, Marco Valerio & Gnabo, Jean-Yves & Veredas, David, 2023. "Common short selling and excess comovement: Evidence from a sample of LSE stocks," Journal of Financial Markets, Elsevier, vol. 65(C).
    59. Turan G. Bali & Stephen J. Brown & K. Ozgur Demirtas, 2013. "Do Hedge Funds Outperform Stocks and Bonds?," Management Science, INFORMS, vol. 59(8), pages 1887-1903, August.
    60. Cumming, Douglas J. & Monteiro, Pedro, 2023. "Hedge fund investment in ETFs," CFS Working Paper Series 699, Center for Financial Studies (CFS).
    61. Gao, Meng & Huang, Jiekun, 2016. "Capitalizing on Capitol Hill: Informed trading by hedge fund managers," Journal of Financial Economics, Elsevier, vol. 121(3), pages 521-545.
    62. Perez Katarzyna, 2014. "Polish Absolute Return Funds And Stock Funds. Short And Long Term Performance Comparison," Folia Oeconomica Stetinensia, Sciendo, vol. 14(2), pages 179-197, December.
    63. Abuzov, Rustam & Gornall, Will & Strebulaev, Ilya A., 2025. "The value of privacy and the choice of limited partners by venture capitalists," Journal of Financial Economics, Elsevier, vol. 169(C).
    64. Daniel Bradley & Russell Jame & Jared Williams, 2022. "Non‐Deal Roadshows, Informed Trading, and Analyst Conflicts of Interest," Journal of Finance, American Finance Association, vol. 77(1), pages 265-315, February.
    65. Cui, Xinyu & Kolokolova, Olga, 2025. "Do hedge funds still manipulate stock prices?," Journal of Corporate Finance, Elsevier, vol. 92(C).
    66. Sean Shun Cao & Kai Du & Baozhong Yang & Alan L. Zhang, 2021. "Copycat Skills and Disclosure Costs: Evidence from Peer Companies’ Digital Footprints," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 59(4), pages 1261-1302, September.
    67. John L. Campbell & Matthew D. DeAngelis & James R. Moon, 2019. "Skin in the game: personal stock holdings and investors’ response to stock analysis on social media," Review of Accounting Studies, Springer, vol. 24(3), pages 731-779, September.
    68. Vikas Agarwal & Vyacheslav Fos & Wei Jiang, 2013. "Inferring Reporting-Related Biases in Hedge Fund Databases from Hedge Fund Equity Holdings," Management Science, INFORMS, vol. 59(6), pages 1271-1289, June.
    69. Hagenberg, Thomas C., 2025. "Transaction-level transparency and portfolio mimicking," Journal of Accounting and Economics, Elsevier, vol. 79(1).
    70. Jun Duanmu & Qiping Huang & Yongjia Li & Garrett A. McBrayer, 2021. "Can hedge funds benefit from corporate social responsibility investment?," The Financial Review, Eastern Finance Association, vol. 56(2), pages 251-278, May.
    71. Xi Dong & Yan Li & David E. Rapach & Guofu Zhou, 2022. "Anomalies and the Expected Market Return," Journal of Finance, American Finance Association, vol. 77(1), pages 639-681, February.
    72. Eliezer Fich & Viktoriya Lantushenko & Clemens Sialm, 2019. "Institutional Trading Around M&A Announcements," NBER Working Papers 25814, National Bureau of Economic Research, Inc.
    73. David C. Ling & Chongyu Wang & Tingyu Zhou, 2023. "How do institutional investors react to local shocks during a crisis? A test using the COVID‐19 pandemic," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(5), pages 1246-1284, September.
    74. Gorovyy, Sergiy & Kelly, Patrick J. & Kuzmina, Olga, 2021. "Does secrecy signal skill? Own-investor secrecy and hedge fund performance," Journal of Banking & Finance, Elsevier, vol. 133(C).
    75. João A. C. Santos & Pei Shao, 2023. "Investor Diversity and Liquidity in The Secondary Loan Market," Journal of Financial Services Research, Springer;Western Finance Association, vol. 63(3), pages 249-272, June.
    76. Nezafat, Mahdi & Shen, Tao & Wang, Qinghai & Wu, Julie, 2022. "Longs, shorts, and the cross-section of stock returns," Journal of Banking & Finance, Elsevier, vol. 138(C).
    77. Parida, Sitikantha & Teo, Terence, 2018. "The impact of more frequent portfolio disclosure on mutual fund performance," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 427-445.
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    84. Lisa M. Uhlenkamp & Bernhard Schwetzler & Wilhelm Althammer, 2025. "Can Hedge Funds Predict Takeover Offers and Outcomes?—The Influence of Hedge Fund Ownership on Takeover Likelihood and Offer Success," Schmalenbach Journal of Business Research, Springer, vol. 77(2), pages 309-355, June.
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    Cited by:

    1. Evans Sokro & Noble Osei-Bonsu & Ruby Melody Agbola & Ebenezer Ankrah, 2011. "The Impact of Career Choice on Job Satisfaction among Employees in Ghana," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 2(6), pages 83-88, September.
    2. Beck, Thorsten & Behr, Patrick & Güttler, Andre, 2009. "Gender and Banking: Are Women Better Loan Officers?," CEPR Discussion Papers 7409, C.E.P.R. Discussion Papers.
    3. Bosquet, K. & de Goeij, P. C. & Smedts, K., 2009. "Coexistence and Dynamics of Overconfidence and Strategic Incentives," Other publications TiSEM 53ae604c-8815-418c-8101-6, Tilburg University, School of Economics and Management.
    4. Bosquet, K. & de Goeij, P. C. & Smedts, K., 2009. "Coexistence and Dynamics of Overconfidence and Strategic Incentives," Discussion Paper 2009-81, Tilburg University, Center for Economic Research.
    5. Paul A. Grout & In-Uck Park & Silvia Sonderegger, 2007. "An Economic Theory of the Glass Ceiling," The Centre for Market and Public Organisation 07/183, The Centre for Market and Public Organisation, University of Bristol, UK.
    6. Daniela Beckmann & Lukas Menkhoff, 2008. "Will Women Be Women? Analyzing the Gender Difference among Financial Experts," Kyklos, Wiley Blackwell, vol. 61(3), pages 364-384, August.

Articles

  1. Jiang, Wei & Tang, Yuehua & Xiao, Rachel J. & Yao, Vincent, 2025. "Surviving the fintech disruption," Journal of Financial Economics, Elsevier, vol. 171(C).
    See citations under working paper version above.
  2. Evans, Richard & Gómez, Juan-Pedro & Ma, Linlin & Tang, Yuehua, 2024. "Peer Versus Pure Benchmarks in the Compensation of Mutual Fund Managers," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 59(7), pages 3101-3138, November.

    Cited by:

    1. Broman, Markus & Fulkerson, Jon, 2025. "Variation in the value of active share across regions of investments: Evidence from global equity funds," Journal of Banking & Finance, Elsevier, vol. 180(C).

  3. Albert J. Menkveld & Anna Dreber & Felix Holzmeister & Juergen Huber & Magnus Johannesson & Michael Kirchler & Sebastian Neusüß & Michael Razen & Utz Weitzel & David Abad‐Díaz & Menachem (Meni) Abudy , 2024. "Nonstandard Errors," Journal of Finance, American Finance Association, vol. 79(3), pages 2339-2390, June.
    • Utz Weitzel & Michael Razen & Sebastian Neussüs & Michael Kirchler & Magnus Johannesson & Juergen Huber & Felix Holzmeister & Anna Dreber & Albert J. Menkveld & Javier Gil-Bazo, 2021. "Non-Standard Errors," Working Papers 1303, Barcelona School of Economics.
    • Menkveld, Albert J. & Dreber, Anna & Holzmeister, Felix & Huber, Jürgen & Johannesson, Magnus & Kirchler, Michael & Neusüss, Sebastian & Razen, Michael & Weitzel, Utz, 2021. "Non-standard errors," IWH Discussion Papers 11/2021, Halle Institute for Economic Research (IWH).
    • Albert J. Menkveld & Anna Dreber & Felix Holzmeister & Juergen Huber & Magnus Johannesson & Michael Kirchler & Sebastian Neussüs & Michael Razen & Utz Weitzel & Christian T. Brownlees & Javier Gil-Baz, 2021. "Non-standard errors," Economics Working Papers 1807, Department of Economics and Business, Universitat Pompeu Fabra.
    • Menkveld, Albert J. & Dreber, Anna & Holzmeister, Felix & Huber, Juergen & Johannesson, Magnus & Kirchler, Michael & Neusüss, Sebastian & Razen, Michael & Weitzel, Utz & Abad-Díaz, David & Abudy, Mena, 2021. "Non-Standard Errors," Working Papers 2021:17, Lund University, Department of Economics.
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    1. Böhm, Adrian & Eufinger, Christian & Kadach, Igor & Sakasai, Yuki, 2025. "Green banking illusion? The influence of “Eco-Conscious” bank shareholders on credit allocation," Journal of Corporate Finance, Elsevier, vol. 92(C).
    2. Wang Dong & Yuan Meng & Jun Chen & Yun Ke, 2025. "Financial Shared Service Centers and Corporate Misconduct: Evidence from China," Journal of Business Ethics, Springer, vol. 199(1), pages 113-139, June.

  5. Qing Li & Hongyu Shan & Yuehua Tang & Vincent Yao, 2024. "Corporate Climate Risk: Measurements and Responses," The Review of Financial Studies, Society for Financial Studies, vol. 37(6), pages 1778-1830.

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  6. Busse, Jeffrey A. & Ding, Jing & Jiang, Lei & Tang, Yuehua, 2023. "Artificial Market Timing in Mutual Funds," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 58(8), pages 3450-3481, December.

    Cited by:

    1. Wang, Luqi & Urga, Giovanni, 2025. "Optimal N-state endogenous Markov-switching model for currency liquidity timing," Journal of Economic Dynamics and Control, Elsevier, vol. 177(C).

  7. Bai, John Jianqiu & Tang, Yuehua & Wan, Chi & Yüksel, H. Zafer, 2022. "Fund manager skill in an era of globalization: Offshore concentration and fund performance," Journal of Financial Economics, Elsevier, vol. 145(2), pages 18-40.

    Cited by:

    1. Hudson, Kerry & Morgan, Robert E., 2025. "Intellectual property protection and firm risk: How service transition and knowledge intensity mitigate the loss of strategic resources," Journal of Business Research, Elsevier, vol. 188(C).
    2. Kong, Dongmin & Zhao, Zhao, 2024. "Political investing of mutual funds," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    3. Hoang, Lai T. & Tan, Eric K.M. & Yang, Joey W., 2024. "The investment behavior of China-connected mutual funds in the pandemic: Information advantage through operational link," International Review of Financial Analysis, Elsevier, vol. 95(PA).
    4. Andreu, Laura & Gimeno, Ruth & Sarto, José Luis & Serrano, Miguel, 2025. "Reversal of divergent decisions: Wise or hasty decisions?," Research in International Business and Finance, Elsevier, vol. 76(C).
    5. Li, Wei & Wang, Xin & Zhang, Haofei, 2024. "The role of distance and financial development: Evidence from international financial markets," International Review of Financial Analysis, Elsevier, vol. 92(C).
    6. Jin Yuan & Xianghui Yuan, 2023. "A Comprehensive Method for Ranking Mutual Fund Performance," SAGE Open, , vol. 13(2), pages 21582440231, May.
    7. Ayaz, Muhammad & Anwer, Zaheer & Hassan, M. Kabir & Xiaoyang, Xu, 2025. "Inhabiting influence of digital finance on stock price synchronicity," Global Finance Journal, Elsevier, vol. 64(C).
    8. Lee, Jennifer Eunkyeong & Cho, Hoon & Ryu, Doojin & Seok, Sangik, 2023. "Does performance-chasing behavior matter? International evidence," Journal of Multinational Financial Management, Elsevier, vol. 68(C).
    9. Matteo Crosignani & Lina Han & Marco Macchiavelli, 2025. "Navigating Geoeconomic Risk: Evidence from U.S. Mutual Funds," Staff Reports 1172, Federal Reserve Bank of New York.

  8. Jeffrey A. Busse & Tarun Chordia & Lei Jiang & Yuehua Tang, 2021. "Transaction Costs, Portfolio Characteristics, and Mutual Fund Performance," Management Science, INFORMS, vol. 67(2), pages 1227-1248, February.

    Cited by:

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    2. Xu, Wenhao & Chen, Taoqin, 2024. "Mutual fund value creation: Insights from the residual income model," Finance Research Letters, Elsevier, vol. 62(PB).
    3. Stein, Roberto, 2023. "Are mutual fund managers good gamblers?," Journal of Financial Markets, Elsevier, vol. 64(C).
    4. Hongxin Zhao & Yilun Jiang & Yizhou Yang, 2023. "Robust and Sparse Portfolio: Optimization Models and Algorithms," Mathematics, MDPI, vol. 11(24), pages 1-20, December.
    5. Ha, Yeonjeong & Oh, Haejune, 2024. "Choice for smart investment in mutual funds: Single- or multi-period performance ranks," Finance Research Letters, Elsevier, vol. 59(C).
    6. Liu, Xiaoming & Shen, Xieyang & Wang, Changyun & Zeng, Jianyu, 2023. "Do fund managers' tones predict future performance? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    7. de Jong, Abe & Kooijmans, Tim & Veld, Chris, 2022. "Legal risk and information spillover through private lender reports," Journal of Financial Markets, Elsevier, vol. 60(C).
    8. Susan K Christoffersen & Donald B Keim & David K Musto & Aleksandra Rzeźnik, 2022. "Passive-Aggressive Trading: The Supply and Demand of Liquidity by Mutual Funds [Does motivation matter when assessing trade performance? An analysis of mutual funds]," Review of Finance, European Finance Association, vol. 26(5), pages 1145-1177.
    9. Bai, John Jianqiu & Tang, Yuehua & Wan, Chi & Yüksel, H. Zafer, 2022. "Fund manager skill in an era of globalization: Offshore concentration and fund performance," Journal of Financial Economics, Elsevier, vol. 145(2), pages 18-40.
    10. Shan, Junhui & Xiang, Rui & Liu, Li & Zhang, Chaoyi & Zhang, Ping, 2025. "Cross-section return dispersion and flow-performance sensitivity: Evidence from Chinese mutual fund," Pacific-Basin Finance Journal, Elsevier, vol. 92(C).
    11. Roy, Suvra & Nguyen, Harvey & Visaltanachoti, Nuttawat, 2023. "Be nice to the air: Severe haze pollution and mutual fund risk," Global Finance Journal, Elsevier, vol. 58(C).
    12. Giovanni Walter Puopolo, 2026. "Mutual Fund Performance: A Review of the Literature," International Journal of Finance, CARI Journals Limited, vol. 11(1), pages 1-13.
    13. Adams, John & Hayunga, Darren & Mansi, Sattar, 2022. "Index fund trading costs are inversely related to fund and family size," Journal of Banking & Finance, Elsevier, vol. 140(C).
    14. Ørpetveit, Andreas, 2025. "Investment universe-level returns to scale and active fund management," Discussion Papers 2025/14, Norwegian School of Economics, Department of Business and Management Science.
    15. Jordan, Bradford D. & Li, Ang & Liu, Mark H., 2022. "Mutual fund preference for pure-play firms," Journal of Financial Markets, Elsevier, vol. 61(C).
    16. Wang, Qian & Yang, Xiao, 2024. "Towards carbon neutrality: The role of innovation and resources efficiency in China's economic transformation," Resources Policy, Elsevier, vol. 91(C).
    17. Fröberg, Emelie & Halling, Michael, 2024. "Do investors benefit from MiFID II unbundling?," Journal of Corporate Finance, Elsevier, vol. 87(C).
    18. Hung-Wen Lin & Jing-Bo Huang & Kun-Ben Lin & Shu-Heng Chen, 2022. "The competitions of time-varying and constant loadings in asset pricing models: empirical evidence and agent-based simulations," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 17(2), pages 577-612, April.
    19. Diego Víctor de Mingo-López & Juan Carlos Matallín-Sáez & Amparo Soler-Domínguez & Huseyin Ozturk & Emili Tortosa-Ausina, 2023. "Persistence versus mobility of sociallyresponsible funds: intra-distribution dynamics and mobility trends," Working Papers 2023/09, Economics Department, Universitat Jaume I, Castellón (Spain).

  9. Jeffrey A Busse & Lei Jiang & Yuehua Tang, 2021. "Double-Adjusted Mutual Fund Performance [Mutual fund’s R2 as predictor of performance]," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 11(1), pages 169-208.

    Cited by:

    1. Ding, Jing & Jiang, Lei & Liu, Xiaohui & Peng, Liang, 2023. "Nonparametric tests for market timing ability using daily mutual fund returns," Journal of Economic Dynamics and Control, Elsevier, vol. 150(C).
    2. Bai, John Jianqiu & Tang, Yuehua & Wan, Chi & Yüksel, H. Zafer, 2022. "Fund manager skill in an era of globalization: Offshore concentration and fund performance," Journal of Financial Economics, Elsevier, vol. 145(2), pages 18-40.
    3. Nehal Joshipura & Mayank Joshipura & Tanvi Joshi, 2025. "Decoding mutual fund performance: current pathways and new avenues," Quality & Quantity: International Journal of Methodology, Springer, vol. 59(4), pages 3113-3135, August.
    4. Lin, Jia-Hui & Yen, Meng-Feng & Hsieh, Wei-Cheng, 2023. "Do manager characteristics matter in equity mutual fund performance? New evidence based on the double-adjusted alpha," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).

  10. Kumar, Nitish & Mullally, Kevin & Ray, Sugata & Tang, Yuehua, 2020. "Prime (information) brokerage," Journal of Financial Economics, Elsevier, vol. 137(2), pages 371-391.

    Cited by:

    1. David C. Ling & Chongyu Wang & Tingyu Zhou, 2021. "Institutional common ownership and firm value: Evidence from real estate investment trusts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(1), pages 187-223, March.
    2. Chen, Bing & Kazemi, Maziar M. & Yang, Xiaohui, 2025. "Do hedge fund clients of prime brokers front-run their analysts?," International Review of Economics & Finance, Elsevier, vol. 97(C).
    3. Sinclair, Andrew J., 2023. "Do prime brokers intermediate capital?," Journal of Financial Intermediation, Elsevier, vol. 53(C).
    4. Chung, Sung Gon & Kulchania, Manoj & Teo, Melvyn, 2021. "Hedge funds and their prime broker analysts," Journal of Empirical Finance, Elsevier, vol. 62(C), pages 141-158.
    5. Giacomini, Emanuela & Kumar, Nitish & Naranjo, Andy, 2024. "Inter-firm relationships and the special role of common banks," Journal of Financial Intermediation, Elsevier, vol. 58(C).
    6. Huang, Yin-Siang & Bui, Dien Giau & Lin, Chih-Yung & Robin,, 2022. "The effect of abnormal institutional attention on bank loans," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 76(C).
    7. Mullally, Kevin A., 2022. "Outside ownership in the hedge fund industry," Journal of Banking & Finance, Elsevier, vol. 144(C).
    8. He, Jing & Lee, Dongyoung, 2023. "Say more to return less? Disclosure subsequent to successful technological innovation," Journal of Empirical Finance, Elsevier, vol. 70(C), pages 403-426.
    9. Zou, Yang & Wang, Xiaoming, 2022. "Distance, information and bank lending in China," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    10. Kruttli, Mathias S. & Monin, Phillip J. & Watugala, Sumudu W., 2022. "The life of the counterparty: Shock propagation in hedge fund-prime broker credit networks," Journal of Financial Economics, Elsevier, vol. 146(3), pages 965-988.
    11. Gjergji Cici & Philip B. Shane & Yanhua Sunny Yang, 2024. "Do buy‐side analysts inform sell‐side analyst research?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(1), pages 657-691, March.

  11. Linlin Ma & Yuehua Tang, 2019. "Portfolio Manager Ownership and Mutual Fund Risk Taking," Management Science, INFORMS, vol. 65(12), pages 5518-5534, December.

    Cited by:

    1. Wang, Hu, 2024. "ESG investment preference and fund vulnerability," International Review of Financial Analysis, Elsevier, vol. 91(C).
    2. Haoyue Zhang & Dayong Lv & Wenfeng Wu, 2022. "Why do bank‐affiliated mutual funds perform better in China?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(5), pages 4755-4782, December.
    3. Yang, Qin, 2024. "Performance ranking, regulatory penalty, and improper risk adjustment behavior of fund managers," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 261-279.
    4. Luo, Deming & Jiang, Sainan & Yao, Zhongwei, 2023. "Economic policy uncertainty and mutual fund risk shifting," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    5. Jie Liu & Zhenshan Chen & Yinglun Zhu & Yangfa Chen & Yaoye Huang, 2024. "The time-varying effects of geopolitical risk on mutual fund risk taking," PLOS ONE, Public Library of Science, vol. 19(6), pages 1-21, June.
    6. Liu, Qingfu & Tang, Ke & Wang, Zi & Zheng, Dechang, 2025. "Does information transmission alleviate the salience bias of fund managers?," International Review of Financial Analysis, Elsevier, vol. 101(C).
    7. Wang, Xiaoxiao, 2024. "Bank affiliation and lottery-like characteristics of mutual funds," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 944-963.
    8. Guoping Liu & Jerry Sun, 2024. "Independent legal directors’ attitudes toward bank CEO stock option awards," European Journal of Law and Economics, Springer, vol. 58(1), pages 149-173, August.
    9. Kryzanowski, Lawrence & Mohebshahedin, Mahmood, 2020. "Transparency and fund governance efficacy: The effect of the SEC'S disclosure rule on advisory contracts," Journal of Corporate Finance, Elsevier, vol. 62(C).
    10. Ibert, Markus, 2023. "What do mutual fund managers’ private portfolios tell us about their skills?," Journal of Financial Intermediation, Elsevier, vol. 53(C).
    11. Zhang, Ning & Zhang, Yue & Zong, Zhe, 2023. "Fund ESG performance and downside risk: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 86(C).
    12. Bührle, Anna Theresa & Yen, Chia-Yi, 2023. "Too much "skin in the game" ruins the game: Evidence from managerial capital gains taxes," ZEW Discussion Papers 23-028, ZEW - Leibniz Centre for European Economic Research, revised 2023.
    13. Mao, Mike Qinghao & Wong, Ching Hin, 2022. "Managerial commitment and heterogeneity in target-date funds," Journal of Empirical Finance, Elsevier, vol. 68(C), pages 1-19.
    14. Li, C. Wei & Tiwari, Ashish & Tong, Lin, 2022. "Mutual fund tournaments and fund Active Share," Journal of Financial Stability, Elsevier, vol. 63(C).
    15. Xu, Fan, 2024. "Gambling preferences and fund company ownership: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 95(C).
    16. Wang, Hu, 2024. "Does carbon risk exposure make funds more vulnerable?," Journal of Empirical Finance, Elsevier, vol. 78(C).
    17. Juan C. Reboredo & Luis A. Otero González, 2022. "Low carbon transition risk in mutual fund portfolios: Managerial involvement and performance effects," Business Strategy and the Environment, Wiley Blackwell, vol. 31(3), pages 950-968, March.
    18. Lee, John Byong-Tek & Ma, Jun & Margaritis, Dimitris & Yang, Wanyi, 2023. "Is anti-herding always a smart choice? Evidence from mutual funds," International Review of Financial Analysis, Elsevier, vol. 90(C).
    19. Dickinson, David & Han, Xuyuan & Liu, Zhenya & Zhan, Yaosong, 2024. "Fee structure and equity fund manager’s optimal locking in profits strategy," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    20. Chen, Jie & Lasfer, Meziane & Song, Wei & Zhou, Si, 2021. "Recession managers and mutual fund performance," Journal of Corporate Finance, Elsevier, vol. 69(C).
    21. Wang, Hu & Lian, Yuanqiang & Shen, Hong, 2025. "Does the self-holding behavior of fund managers foster fund sustainable investment?," Economic Modelling, Elsevier, vol. 151(C).
    22. Eraslan, Veysel & Omole, John & Sensoy, Ahmet & Ozdamar, Melisa, 2022. "Other people's money: A comparison of institutional investors," Emerging Markets Review, Elsevier, vol. 53(C).
    23. Wang, Hu & Li, Shouwei & Ma, Yuyin & Jiang, Shuyang, 2022. "Does investor sentiment affect fund crashes? Evidence from Chinese open-end funds," The North American Journal of Economics and Finance, Elsevier, vol. 60(C).
    24. Yi, Li & Xiao, Li & Liao, Yinkai, 2024. "Network centrality, style drift, and mutual fund performance," Research in International Business and Finance, Elsevier, vol. 70(PA).
    25. Matteo Crosignani & Lina Han & Marco Macchiavelli, 2025. "Navigating Geoeconomic Risk: Evidence from U.S. Mutual Funds," Staff Reports 1172, Federal Reserve Bank of New York.
    26. Stefan VLADUtESCU, 2019. "Managerial Style, Determinations And Risks," Social Sciences and Education Research Review, Department of Communication, Journalism and Education Sciences, University of Craiova, vol. 6(2), pages 115-130, November.
    27. Cui, Tianxiang & Ding, Shusheng & Jin, Huan & Zhang, Yongmin, 2023. "Portfolio constructions in cryptocurrency market: A CVaR-based deep reinforcement learning approach," Economic Modelling, Elsevier, vol. 119(C).

  12. Linlin Ma & Yuehua Tang & Juan‐Pedro Gómez, 2019. "Portfolio Manager Compensation in the U.S. Mutual Fund Industry," Journal of Finance, American Finance Association, vol. 74(2), pages 587-638, April.

    Cited by:

    1. Pavlova, Anna & Kashyap, Anil & Kovrijnykh, Natalia & ,, 2018. "The Benchmark Inclusion Subsidy," CEPR Discussion Papers 13356, C.E.P.R. Discussion Papers.
    2. Aragon, George O. & Kim, Min S., 2023. "Fire sale risk and expected stock returns," Journal of Financial Economics, Elsevier, vol. 149(3), pages 578-609.
    3. Yang, Qin, 2024. "Performance ranking, regulatory penalty, and improper risk adjustment behavior of fund managers," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 261-279.
    4. Li, Xiangwen & Wu, Wenfeng, 2019. "Portfolio pumping and fund performance ranking: A performance-based compensation contract perspective," Journal of Banking & Finance, Elsevier, vol. 105(C), pages 94-106.
    5. Buffa, Andrea M. & Hodor, Idan, 2023. "Institutional investors, heterogeneous benchmarks and the comovement of asset prices," Journal of Financial Economics, Elsevier, vol. 147(2), pages 352-381.
    6. Enrico Lupi, 2024. "The impact of a winner takes all tournament on managers’ strategies and asset mispricing," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 47(1), pages 121-136, June.
    7. Hendriock, Mario, 2020. "Implied cost of capital and mutual fund performance," CFR Working Papers 20-11, University of Cologne, Centre for Financial Research (CFR).
    8. Luo, Deming & Jiang, Sainan & Yao, Zhongwei, 2023. "Economic policy uncertainty and mutual fund risk shifting," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    9. Martin, Thorsten & Sonnenburg, Florian, 2015. "Managerial ownership changes and mutual fund performance," CFR Working Papers 16-03, University of Cologne, Centre for Financial Research (CFR).
    10. Lindbeck, Assar & Weibull, Jörgen, 2020. "Delegation of investment decisions, and optimal remuneration of agents," European Economic Review, Elsevier, vol. 129(C).
    11. Moreira, Alan, 2019. "Capital immobility and the reach for yield," Journal of Economic Theory, Elsevier, vol. 183(C), pages 907-951.
    12. Jannic Cutura & Gianpaolo Parise & Andreas Schrimpf, 2020. "Debt De-risking," BIS Working Papers 868, Bank for International Settlements.
    13. Lesmeister, Simon & Limbach, Peter & Rau, P. Raghavendra & Sonnenburg, Florian, 2022. "Indexing and the performance-flow relation of actively managed mutual funds," CFR Working Papers 22-02, University of Cologne, Centre for Financial Research (CFR).
    14. Malakhov, Alexey & Riley, Timothy B. & Yan, Qing, 2024. "Do hedge funds bet against beta?," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 1507-1525.
    15. Wang, Pingle, 2024. "Portfolio pumping in mutual fund families," Journal of Financial Economics, Elsevier, vol. 156(C).
    16. Chernenko, Sergey & Sunderam, Adi, 2020. "Do fire sales create externalities?," Journal of Financial Economics, Elsevier, vol. 135(3), pages 602-628.
    17. Constantin Mellios & Anh Ngoc Lai, 2022. "Incentive Fees with a Moving Benchmark and Portfolio Selection under Loss Aversion," Post-Print hal-03708926, HAL.
    18. Liu, Yuekun & Riley, Timothy B., 2025. "How should we measure the performance of corporate bond mutual funds? Evaluating model quality and impact on inferences," Journal of Banking & Finance, Elsevier, vol. 173(C).
    19. Sebastian Di Tella, 2017. "Optimal Regulation of Financial Intermediaries," NBER Working Papers 23586, National Bureau of Economic Research, Inc.
    20. Servaes, Henri & Sigurdsson, Kari, 2022. "The Costs and Benefits of Performance Fees in Mutual Funds," Journal of Financial Intermediation, Elsevier, vol. 50(C).
    21. Laarits, Toomas & Sammon, Marco, 2025. "The retail habitat," Journal of Financial Economics, Elsevier, vol. 172(C).
    22. Cici, Gjergji & Hendriock, Mario & Kempf, Alexander, 2021. "The impact of labor mobility restrictions on managerial actions: Evidence from the mutual fund industry," Journal of Banking & Finance, Elsevier, vol. 122(C).
    23. Kryzanowski, Lawrence & Mohebshahedin, Mahmood, 2020. "Transparency and fund governance efficacy: The effect of the SEC'S disclosure rule on advisory contracts," Journal of Corporate Finance, Elsevier, vol. 62(C).
    24. Ibert, Markus, 2023. "What do mutual fund managers’ private portfolios tell us about their skills?," Journal of Financial Intermediation, Elsevier, vol. 53(C).
    25. Xu, Ruihui & Zhang, Xuliang & Gozgor, Giray & Lau, Chi Keung Marco & Yan, Cheng, 2023. "Investor flow-chasing and price–performance puzzle: Evidence from global infrastructure funds," Research in International Business and Finance, Elsevier, vol. 65(C).
    26. Sanctuary, Mark & Lavenius, Axel & Parlato, Giorgio & Plue, Jan & Crona, Beatrice, 2024. "A study of green European equity fund portfolio allocations," Working Paper Series in Economics and Institutions of Innovation 499, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    27. Flavio Angelini & Katia Colaneri & Stefano Herzel & Marco Nicolosi, 2021. "Implicit incentives for fund managers with partial information," Computational Management Science, Springer, vol. 18(4), pages 539-561, October.
    28. Li, C. Wei & Tiwari, Ashish & Tong, Lin, 2022. "Mutual fund tournaments and fund Active Share," Journal of Financial Stability, Elsevier, vol. 63(C).
    29. Bai, John Jianqiu & Tang, Yuehua & Wan, Chi & Yüksel, H. Zafer, 2022. "Fund manager skill in an era of globalization: Offshore concentration and fund performance," Journal of Financial Economics, Elsevier, vol. 145(2), pages 18-40.
    30. Koo, Minjae & Muslu, Volkan, 2023. "Fund Flows and Asset Valuations of Bond Mutual Funds: Effect of Side-by-Side Management," Journal of Banking & Finance, Elsevier, vol. 154(C).
    31. Brice Corgnet & Roberto Hernan-Gonzalez & Yao Thibaut Kpegli & Adam Zylbersztejn, 2023. "Against the Odds! The Tradeoff Between Risk and Incentives is Alive and Well," Working Papers 2305, Groupe d'Analyse et de Théorie Economique Lyon St-Etienne (GATE Lyon St-Etienne), Université de Lyon.
    32. Nehal Joshipura & Mayank Joshipura & Tanvi Joshi, 2025. "Decoding mutual fund performance: current pathways and new avenues," Quality & Quantity: International Journal of Methodology, Springer, vol. 59(4), pages 3113-3135, August.
    33. Park, Keun Woo & Han, Min Yeon & Oh, Ji Yeol Jimmy, 2020. "Beta or duration? Risk-taking by balanced mutual funds in Korea✰," Finance Research Letters, Elsevier, vol. 33(C).
    34. Yafeh, Yishay & Kandel, Eugene & Hamdani, Assaf & Mugerman, Yevgeny, 2015. "Incentive Fees and Competition in Pension Funds: Evidence from a Regulatory Experiment in Israel," CEPR Discussion Papers 10911, C.E.P.R. Discussion Papers.
    35. Baghdadi, Ghasan A. & Bhatti, Ishaq M. & Nguyen, Lily H.G. & Podolski, Edward J., 2018. "Skill or effort? Institutional ownership and managerial efficiency," Journal of Banking & Finance, Elsevier, vol. 91(C), pages 19-33.
    36. Beggs, William & DeVault, Luke, 2022. "Mutual fund (sub)advisor connections and crowds," Journal of Empirical Finance, Elsevier, vol. 67(C), pages 231-252.
    37. Huang, Binghua & Li, Rui, 2025. "ESG ratings and ESG mutual fund management compensation," Energy Economics, Elsevier, vol. 147(C).
    38. Dasgupta, Amil & Choi, Jaewon & Oh, Ji Yeol Jimmy, 2019. "Bond Funds and Credit Risk," CEPR Discussion Papers 14134, C.E.P.R. Discussion Papers.
    39. Gantchev, Nickolay & Giannetti, Mariassunta & Li, Rachel, 2024. "Sustainability or performance? Ratings and fund managers’ incentives," Journal of Financial Economics, Elsevier, vol. 155(C).
    40. Bae, Jongwan & Haight, Timothy & Kuang, Xin & Yin, Chengdong, 2023. "Advisory firm paths to side-by-side management and mutual fund performance," Journal of Empirical Finance, Elsevier, vol. 73(C), pages 1-21.
    41. Sotes-Paladino, Juan & Zapatero, Fernando, 2022. "Carrot and stick: A role for benchmark-adjusted compensation in active fund management," Journal of Financial Intermediation, Elsevier, vol. 52(C).
    42. Evans, Richard Burtis & Prado, Melissa Porras & Zambrana, Rafael, 2020. "Competition and cooperation in mutual fund families," Journal of Financial Economics, Elsevier, vol. 136(1), pages 168-188.
    43. Lee, John Byong-Tek & Ma, Jun & Margaritis, Dimitris & Yang, Wanyi, 2023. "Is anti-herding always a smart choice? Evidence from mutual funds," International Review of Financial Analysis, Elsevier, vol. 90(C).
    44. Cici, Gjergji & Hendriock, Mario & Kempf, Alexander, 2018. "The impact of labor mobility restrictions on managerial actions: Evidence from the mutual fund industry," CFR Working Papers 18-01, University of Cologne, Centre for Financial Research (CFR).
    45. Yan Lu & Kevin Mullally & Sugata Ray, 2023. "Paying for Performance in Public Pension Plans," Management Science, INFORMS, vol. 69(8), pages 4888-4907, August.
    46. Tran, Anh & Wang, Pingle, 2023. "Barking up the wrong tree: Return-chasing in 401(k) plans," Journal of Financial Economics, Elsevier, vol. 148(1), pages 69-90.
    47. Chen, Jie & Lasfer, Meziane & Song, Wei & Zhou, Si, 2021. "Recession managers and mutual fund performance," Journal of Corporate Finance, Elsevier, vol. 69(C).
    48. Meryem Mehri & M. Kabir Hassan & M. Fasial Safa & Ibrahim Siraj, 2021. "Do determinants of fees differ between Islamic and conventional funds?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3599-3623, July.
    49. Assaf Hamdani & Eugene Kandel & Yevgeny Mugerman & Yishay Yafeh, 2016. "Incentive Fees and Competition in Pension Funds: Evidence from a Regulatory Experiment," NBER Working Papers 22634, National Bureau of Economic Research, Inc.
    50. Kim, Donghyun & Li, Chengcheng & Wang, Xiaoqiong, 2021. "Risk-taking and performance of government bond mutual funds," International Review of Financial Analysis, Elsevier, vol. 76(C).
    51. Kuangxi Su & Yinhong Yao & Chengli Zheng & Wenzhao Xie, 2024. "Portfolio Selection Based on EMD Denoising with Correlation Coefficient Test Criterion," Computational Economics, Springer;Society for Computational Economics, vol. 63(1), pages 391-421, January.
    52. Alex R. Horenstein, 2021. "The Unintended Impact of Academic Research on Asset Returns: The Capital Asset Pricing Model Alpha," Management Science, INFORMS, vol. 67(6), pages 3655-3673, June.
    53. Kazuya Kamiya & Meg Adachi-Sato, 2013. "Multiperiod Contract Problems with VeriÖable and UnveriÖable Outputs," CIRJE F-Series CIRJE-F-896, CIRJE, Faculty of Economics, University of Tokyo.
    54. Zhang, Yue & Wang, Caiping & Chen, Yufei, 2024. "Foreign ownership, institutional distance and mutual fund performance: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 87(C).
    55. Fulkerson, Jon A. & Hong, Xin, 2021. "Investment restrictions and fund performance," Journal of Empirical Finance, Elsevier, vol. 64(C), pages 317-336.
    56. Sheng, Jiliang & Xu, Si & An, Yunbi & Yang, Jun, 2022. "Dynamic asset pricing in delegated investment: An investigation from the perspective of heterogeneous beliefs of institutional and retail investors," Economic Modelling, Elsevier, vol. 107(C).
    57. Dewald, Frederick P. & Fan, Zaifeng, 2022. "How different are minority managers from White managers in the mutual fund industry?," Economics Letters, Elsevier, vol. 221(C).
    58. Ewens, Michael & Faber, Jacob W., 2026. "Liquid Claims on Illiquid Assets: The Economics of Retail Access to Private Markets," SocArXiv 5897u_v1, Center for Open Science.
    59. Cui, Xuegang & Feltovich, Nick & Zhang, Kun, 2022. "Incentive schemes, framing, and market behaviour: Evidence from an asset-market experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 197(C), pages 301-324.
    60. Chen, Jean Jinghan & Xie, Li & Zhou, Si, 2020. "Managerial multi-tasking, Team diversity, and mutual fund performance," Journal of Corporate Finance, Elsevier, vol. 65(C).
    61. Linlin Ma & Yuehua Tang, 2019. "Portfolio Manager Ownership and Mutual Fund Risk Taking," Management Science, INFORMS, vol. 65(12), pages 5518-5534, December.
    62. Phillips, Blake & Pukthuanthong, Kuntara & Rau, P. Raghavendra, 2018. "Size does not matter: Diseconomies of scale in the mutual fund industry revisited," Journal of Banking & Finance, Elsevier, vol. 88(C), pages 357-365.
    63. Zalewska, Anna (Ania) & Zhang, Yue, 2020. "Mutual funds' exits, financial crisis and Darwin," Journal of Corporate Finance, Elsevier, vol. 65(C).
    64. Bradley Jones, 2016. "Institutionalizing Countercyclical Investment: A Framework for Long-term Asset Owners," IMF Working Papers 2016/038, International Monetary Fund.

  13. Tang, Yuehua, 2018. "When does competition mitigate agency problems?," Journal of Corporate Finance, Elsevier, vol. 51(C), pages 258-274.

    Cited by:

    1. Chen, Robin & Li, Shenru & Truong, Quang Thai & Chan, Chia-Ying, 2025. "Gender diversity in the boardroom: The role of female directors in mitigating stock price crash risk," Global Finance Journal, Elsevier, vol. 67(C).
    2. Oh, Frederick Dongchuhl & Shin, Sean Seunghun, 2020. "Does product market competition affect corporate governance? Evidence from corporate takeovers," Journal of Empirical Finance, Elsevier, vol. 59(C), pages 68-87.
    3. Wang, Sai & Wen, Wen & Niu, Yuhao & Li, Xin, 2024. "Digital transformation and corporate labor investment efficiency," Emerging Markets Review, Elsevier, vol. 59(C).
    4. Anutchanat Jaroenjitrkam & Chia‐Feng (Jeffrey) Yu & Ralf Zurbruegg, 2020. "Does market power discipline CEO power? An agency perspective," European Financial Management, European Financial Management Association, vol. 26(3), pages 724-752, June.
    5. David Gempesaw, 2021. "Corporate governance and product market competition: evidence from import tariff reductions," Review of Quantitative Finance and Accounting, Springer, vol. 56(4), pages 1437-1473, May.
    6. Alessandro Zattoni & Emmanouil Dedoulis & Stergios Leventis & Hans Van Ees, 2020. "Corporate governance and institutions—A review and research agenda," Corporate Governance: An International Review, Wiley Blackwell, vol. 28(6), pages 465-487, November.
    7. Seonhyeon Kim & Jin-young Jung & Sung-woo Cho, 2024. "The Influence of Ownership Concentration on Sustainable Merger and Acquisition Performance: Navigating Principal Conflicts in the Korean Market," Sustainability, MDPI, vol. 16(12), pages 1-20, June.
    8. Jangho Gil, 2024. "The relationship between market competition and accrual earnings management: A cross-country study," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 14(3), pages 841-879, September.
    9. Mann, Stefan, . "Competitiveness of cattle breeding in Switzerland: the value of policies enabling informed decisions," Bio-based and Applied Economics Journal, Italian Association of Agricultural and Applied Economics (AIEAA), vol. 8(3).

  14. Bernile, Gennaro & Hu, Jianfeng & Tang, Yuehua, 2016. "Can information be locked up? Informed trading ahead of macro-news announcements," Journal of Financial Economics, Elsevier, vol. 121(3), pages 496-520.

    Cited by:

    1. Joshua Huang & Teresa Serra & Philip Garcia, 2023. "“Fast money” around Federal Statistics Releases," American Journal of Agricultural Economics, John Wiley & Sons, vol. 105(4), pages 1248-1266, August.
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  15. Vikas Agarwal & Kevin A. Mullally & Yuehua Tang & Baozhong Yang, 2015. "Mandatory Portfolio Disclosure, Stock Liquidity, and Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 70(6), pages 2733-2776, December.
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