By some accounts, more than $2.6 trillion in untaxed profits of US companies are held in
offshore jurisdictions. 1 These jurisdictionstypically small, sun-drenched islands with …

For years, mutual fund governance has been converging with corporate governance. What
makes for sound governance of our nation's public corporations, it is presumed, must do …

The last decades have brought about significant innovation in the use of business entities in
financial structures. While entities have long been used to control risk and organize …

ABSTRACT The Investment Advisers Act of 1940 (" IAA") and its regulatory purview have
changed dramatically over the life of the statute. The statute began as a simple registration …

The economic enterprise has firmly established itself as one of evaluating human responses
to scarcity not as a rigidly rational game of optimization, but as a holistic behavioral …

Do investor time horizons lead to inefficient business conduct in the real economy? An
extensive finance literature analyzes whether particular practices (eg, high frequency trading …

Nearly half of all American households own mutual funds (either directly or through
retirement plans). Yet, we know little about the capital structures of mutual funds. A mutual …

This paper highlights the procyclical and unstable behaviour of mutual funds, characterized
by a varying sensitivity on common asset pricing factors. It proposes a novel factor model …

Derivatives are complex financial instruments that derive their value from an underlying
asset. Used and valued by commercial and financial institutions, derivatives are booming …

Securities laws prohibit open‐end mutual funds from borrowing more than one‐third of their
capital structure because of concerns that too much borrowing may harm investors. This is …