- Analyst Promotions within Credit Rating Agencies: Accuracy or Bias? (pre-publication version from May 2018; joint with Darren Kisgen, Jordan Nickerson, and Matt Osborn)
Journal of Financial and Quantitative Analysis (Forthcoming)
- Heterogeneity in Target Date Funds: Strategic Risk-Taking or Risk Matching? (pre-publication version from February 2017; joint with Pierluigi Balduzzi)
Review of Financial Studies (Forthcoming; doi: 10.1093/rfs/hhy054)
NBER Working Paper No. 17886 (posted March 2012; last revised July 2015)
Previous titles: Heterogeneity in Target Date Funds: Optimal Risk-Taking or Risk Matching?, Heterogeneity in Target-Date Funds and the Pension Protection Act of 2006
Media mentions: New York Times (January 9, 2015), Forbes (June 18, 2012), Freakonomics (March 5, 2012)
- Mutual Fund Performance and the Incentive to Generate Alpha (pre-publication version from August 2012; joint with Diane Del Guercio)
Journal of Finance (August 2014, Vol. 69, No. 4, 1673-1704; doi: 10.1111/jofi.12048)
NBER Working Paper No. 17491 (posted October 2011; last revised July 2012)
Media mentions: MarketWatch (October 16, 2011).
Finalist for the 2016 TIAA Paul A. Samuelson Award
Internet Appendix for Mutual Fund Performance and the Incentive to Generate Alpha (March 2013)
- The Effect of Pension Design on Employer Costs and Employee Retirement Choices: Evidence from Oregon (pre-publication version from June 2013; joint with John Chalmers and Woodrow Johnson)
Journal of Public Economics (August 2014, Vol. 116, 17-34; doi: 10.1016/j.jpubeco.2013.07.001)
NBER Working Paper No. 18517 (posted November 2012; last revised March 2013)
- How Do Retirees Value Life Annuities? Evidence from Public Employees (published version; joint with John Chalmers)
Review of Financial Studies (August 2012, Vol. 25, No. 8, 2601-2634; doi: 10.1093/rfs/hhs057)
NBER Working Paper No. 15608 (posted December 2009; last revised December 2011)
Winner of the 2013 TIAA-CREF Paul A. Samuelson Award
- Investing for Retirement: The Moderating Effect of Fund Assortment Size on the 1/N Heuristic (pre-publication version from January 2012; joint with Maureen Morrin, Jeffrey Inman, Susan Broniarczyk, and Gergana Nenkov)
Journal of Marketing Research (August 2012, Vol. 49, No. 4, 537-550; doi: 10.1509/jmr.08.0355)
- When Should Firms Share Credit With Employees? Evidence from Anonymously Managed Mutual Funds (pre-publication version from April 2009; joint with Massimo Massa and Eric Zitzewitz)
Journal of Financial Economics (March 2010, Vol. 95, No. 3, 400-424; doi: 10.1016/j.jfineco.2009.10.006)
- Does Advertising Bias Product Reviews? Testing for Biased Wine Ratings (published version)
Journal of Wine Economics (Winter 2009, Vol. 4, No. 2, 125-151)
- Are IPO Allocations for Sale? Evidence from Mutual Funds (pre-publication version from June 2005)
Journal of Finance (October 2006, Vol. 61, No. 5, 2289-2324; doi: 10.1111/j.1540-6261.2006.01058.x)
- Do Ads Influence Editors? Advertising and Bias in the Financial Media (pre-publication version from August 2005; joint with Eric Zitzewitz)
Quarterly Journal of Economics (February 2006, Vol. 121, No. 1, 197-227; doi: 10.1093/qje/121.1.197)
Non-technical presentation from conference titled "Financial Media and Investment Decisions: A Comparison of U.S.
and Italian Financial Markets," hosted by Catholic University of Milan (May 2006)
Current Working Papers
Research in Progress
- Asset Management with Fewer Assets: Evidence from the Reduction in U.S. Listed Stocks (joint with Lei Li)
- Are the Elderly More Likely to Receive Conflicted Financial Advice? (joint with Michael Finke)
- Gains from Trade between Advisors and Subadvisors (joint with Diane Del Guercio and Paula Tkac)
Older Working Papers
- Demand for Financial Advice, Broker Incentives, and Mutual Fund Market Segmentation (March 2010; joint with Diane Del Guercio and Paula Tkac)
- Unbundling the Value of Portfolio Management and Distribution in Retail Mutual Funds: Evidence from Subadvisory Contracts (August 2009; joint with Diane Del Guercio and Paula Tkac)
- Insight: Subadvising simultaneously allows advisors to outsource portfolio management and subadvisors to outsource distribution. Both parties need to benefit.
- Documents that mutual fund families tend to distribute their funds through a single retail segment.
- Documents that subadvising allows both mutual fund managers and pension fund managers to enter new market segments.
- Provides evidence on the range of fees paid to subadvisors and then regresses subadvisor fees on advisor and subadvisor characteristics.
- Why Pick Stocks for the Competition? The Economics of Mutual Fund Sub-advisory Contracts (October 2007; joint with Diane Del Guercio and Paula Tkac)
- Insight: The fact that some advisors hire other mutual fund managers as subadvisors implies that the mutual fund marketplace is highly segmented.
- Introduces conditional logit to predict the choice of subadvisor.
- Finds that "twin funds" offered by subadvisors also underperform.
- Why Do Some Mutual Fund Families Pick Stocks for the Competition? (April 2007; joint with Diane Del Guercio and Paula Tkac)
- Insight: The use of subadvisors by mutual funds is increasingly common, with some mutual fund families hiring other mutual fund families as portfolio managers.
- Provides statistics on the use of subadvisors by investment objective.
- Provides statistics on those mutual fund families that hire subadvisors and those families that work as subadvisors.
- Documents that some families outsource virtually all of their portfolio management.
- Replicates Chen et al.'s finding on underperformance of subadvised funds but then finds that underperformance is limited to cases where subadvisor manages its own mutual funds.
- Who Determines When You Retire? Peer Effects and Retirement (August 2008; joint with John Chalmers and Woodrow Johnson)
- Discussion of "Navigating Complex Financial Decisions at Retirement: Evidence from Annuity Choices in Public Sector Pensions" by Robert Clark, Robert Hammond, and David Vanderweide
NBER Conference on Incentives and Limitations of Employment Policies on Retirement Transitions (Moran, WY, August 2018)
- Discussion of "Regulator Jurisdiction and Investment Adviser Misconduct" by Ben Charoenwong, Alan Kwan, and Tarik Umar
5th Annual Conference on Financial Market Regulation (Washington, DC, May 2018)
- Discussion of "Borrowing to Save? The Impact of Automatic Enrollment on Debt" by John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian, and William L. Skimmyhorn
NBER Aging Program Meeting (Cambridge, MA, March 2018)
- Discussion of "Competition and Cooperation in Mutual Fund Families" by Richard Burtis Evans, Melissa Porras Prado, and Rafael Zambrana Galacho
American Finance Association Meetings (Philadelphia, PA, January 2018)
- Discussion of "Initial Returns and Stock Market Re-Entry Decisions" by Ozlem Arikan, Arie Gozluklu, Gi Kim, and Hiroaki Sakaguchi
Oregon Finance Conference (Boston, MA, October 2017)
- Discussion of "How Do Households Set Prices? Evidence from Airbnb" by Barbara Bliss, Joey Engelberg, and Mitch Marachka
Oregon Finance Conference (Eugene, OR, August 2017)
- Discussion of "The U.S. Listing Gap" by Craig Doidge, Andrew Karolyi, and Rene Stulz
American Finance Association Meetings (San Francisco, CA, January 2016)
- Discussion of "The Geography of Financial Misconduct" by Christopher Parson, Johan Sulaeman, and Sheridan Titman
Oregon Finance Conference (Eugene, OR, August 2015)
- Discussion of "The Effects of Experience on Investor Behavior: Evidence from India's IPO Lotteries" by Santosh Anagol, Vimal Balasubramaniam, and Tarun Ramadorai
NBER Summer Institute Household Finance (Cambridge, MA, July 2015)
- Discussion of "Portfolio Manager Compensation in the U.S. Mutual Fund Industry" by Linlin Ma, Yuehua Tang, and Juan-Pedro Gomez
Western Finance Association Meetings (Seattle, WA, June 2015)
- Discussion of "Matching Capital and Labor" by Jonathan Berk, Jules van Binsbergen, and Binying Liu
NBER Corporate Finance Program Meeting (Cambridge, MA, November 2014)
- Discussion of "Who is Internationally Diversified? Evidence from 296 401(k) Plans" by Geert Bekaert, Kenton Hoyem, Wei-Yin Hu, and Enrichetta Ravina
16th Annual Retirement Research Consortium Conference (Washington, DC, August 2014)
- Discussion of "Individual Judgment and Trust Formation:An Experimental Investigation of Online Financial Advice" by Julie Agnew, Hazel Bateman, Christine Eckert, Fedor Iskhakov, Jordan Louviere, and Susan Thorp
NBER Summer Institute Household Finance (Cambridge, MA, July 2014)
- Discussion of "WSJ Category Kings: The Impact of Media Attention on Consumer and Mutual Fund Investment Decisions" by Ron Kaniel and Robert Parham
1st Annual Risk Management Academic Conference (University of Connecticut, May 2014)
- Discussion of "The Costs and Benefits of Financial Advice" by Stephen Foerster, Juhani Linnainmaa, Brian Melzer, and Alessandro Previtero
Conference on Household Behavior in Risky Asset Markets: An International Perspective (Harvard Business School, March 2014)
- Discussion of "Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program" by Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, Tomasz Piskorski, and Amit Seru
AIM Investment Center Conference (Austin, TX, November 2013)
- Discussion of "Equity Lending, Investment Restrictions, and Fund Performance" by Richard Evans, Miguel Ferreira, and Melissa Porras
Oregon Finance Conference (Eugene, OR, July 2013)
- Discussion of "Do Mutual Fund Investors Chase False Returns?" by Blake Phillips, Kuntara Pukthuanthong, and Raghavendra Rau
SFS Finance Cavalcade (University of Miami, May 2013)
- Discussion of "Do 401k Plan Advisors Take Their Own Advice?" by Tomas Dvorak
American Economic Association Meetings (San Diego, CA, January 2013)
- Discussion of "Individual Investor Activity and Performance" by Magnus Dahlquist, Jose Martinez, and Paul Soderlind
NBER-Oxford Said-CFS-EIEF Conference on Household Finance Household Finance (Oxford Said, September 2012)
- Discussion of "Is Proprietary Trading Detrimental to Retail Investors?" by Falko Fecht, Andreas Hackethal, and Yigitcan Karabulut
NBER Summer Institute Household Finance (Cambridge, MA, July 2011)
- Discussion of "Public Market Staging: The Timing of Capital Infusions in Newly Public Firms" by Michael Hertzel, Mark Huson, and Robert Parrino
University of Oregon Research Conference in Recognition of the Scholarly Contributions of Larry Y. Dann (Eugene, OR, August 2010)
- Discussion of "Do Mutual Funds Trade Differently at Home and Abroad?" by Sandy Lai, Lilian Ng, Bohui Zhang, and Zhe Zhang
4th Conference on Professional Asset Management (Rotterdam, March 2010)
- Discussion of "The Dark Role of Investment Banks in the Market for Corporate Control" by Andriy Bodnaruk, Massimo Massa, and Andrei Simonov
American Finance Association Meetings (New Orleans, LA, January 2008)
- Discussion of "Payday Matters: A Look at Trader Behavior within Pay Cycles" by Ryan Garvey and Fei Wu
Western Finance Association Meetings (Big Sky, MT, June 2007)
- Discussion of "Purchasing IPOs with Commissions: Theoretical Predictions and Empirical Results" by Michael Goldstein, Paul Irvine, and Andy Puckett
American Finance Association Meetings (Chicago, January 2007)
- Discussion of "Attracting Flows by Attracting Big Clients: Conflict of Interest and Mutual Fund Portfolio Choice" by Lauren Cohen and Breno Schmidt
Financial Research Association Meetings (Las Vegas, December 2006)
- Discussion of "Unobserved Actions of Mutual Funds" by Marcin Kacperczyk, Clemens Sialm, and Lu Zheng
Western Finance Association Meetings (Keystone, CO, June 2006)
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