We study the allocation and compensation of human capital in the US finance industry over
the past century. Across time, space, and subsectors, we find that financial deregulation is …

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

This paper develops a simple technique that controls for “false discoveries,” or mutual funds
that exhibit significant alphas by luck alone. Our approach precisely separates funds into (1) …

This study revisits the well-established notion that large and mature organizations stifle an
employee's ability and motivation to become an entrepreneur. Using unique data on US …

This paper conducts a comprehensive analysis of the relation between the performance and
governance structure of open-end, domestic-equity mutual funds during the 1985 to 2002 …

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

The literature predicts that the average skill level and productivity are higher in larger cities.
Prior studies use workers' wage or education differentials to indirectly link city size and …

Learning by doing matters for professional investors. We develop a new methodology to
show that mutual fund managers outperform in industries where they have obtained …

Managerial multitasking has become a common practice in the mutual fund industry.
Although multitasking may have certain benefits for fund companies and portfolio managers …

The Global Settlement, along with related regulations in the early 2000s, prohibits the use of
investment banking revenue to fund equity research and compensate equity analysts. We …