Distributive Justice, Welfare Economics and Liberalism

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Changing Names with Style: Mutual Fund Name Changes and Their Effects on Fund Flows

We examine whether mutual funds change their names to take advantage of current hot investment styles, and what effects these name changes have on inflows to the funds, and to the funds' subsequent returns. We find that the year after a fund changes its name to reflect a current hot style, the fund experiences an average cumulative abnormal flow of 28%, with no improvement in performance. The increase in flows is similar across funds whose holdings match the style implied by their new name and those whose holdings do not, suggesting that investors are irrationally influenced by cosmetic effects.     

An Investigation of TBL Report Assurance Statements: Australian Evidence

This study investigates current practice relating to the provision of triple bottom line (TBL) report assurance statements. In undertaking the analysis, a database was constructed of companies that have released TBL reports accompanied by third-party assurance statements. The results of the research show that in Australia there is great variability in the contents of TBL assurance statements. Arguably, the great variation in practice raises questions about the usefulness, or "value-add", of TBL report assurance statements.     

On the Nature of Capital Adjustment Costs

This paper studies the nature of capital adjustment at the plant level. We use an indirect inference procedure to estimate the structural parameters of a rich specification of capital adjustment costs. In effect, the parameters are optimally chosen to reproduce a set of moments that capture the non-linear relationship between investment and profitability found in plant-level data. Our findings indicate that a model, which mixes both convex and non-convex adjustment costs, fits the data best.