Wei Jiang

TL;DR: In this paper, the authors apply payoff complementarities to the context of mutual funds and test it empirically using a model of global games and find that funds with illiquid assets will be subject to more redemptions than funds with liquid assets, and this effect weakens in funds that are held primarily by large investors.

TL;DR: In this article, the authors analyzed the drivers, nature, and consequences of such settlement agreements and found no evidence to support concerns that settlements enable activists to extract rents at the expense of other investors.

TL;DR: This article examined the relevance of competing explanations for the deviations of analysts' actual weighting from their efficient weighting (i.e., the optimal statistical weights on available information to form rational expectations about the underlying earnings).

TL;DR: The authors found that participants tend to allocate their contributions evenly across the funds they use, with the tendency weakening with the number of funds used, and that participants' propensity to allocate contributions to equity funds is not very sensitive to the fraction of equity funds among those offered by their plan.

TL;DR: In this article, the authors present an intriguing contrast of the ex ante and ex post relations between mortgage securitization and loan performance using a comprehensive dataset from a major national mortgage lender.