The delegated OTC nature of the securities lending market plays a critical role in shaping market participants’ payoffs and valuations.

ETF options offer a unique device for hedge funds to exploit their information about volatilities in different asset markets.

The fund flows are negatively related to fund performance approximately six to ten years prior, reflecting investor disappointment.

We build a broad dataset of portfolio ESG scores for mutual funds and use machine-learning to generate flow forecasts by ESG scores.

Hedge fund option usage affects skewness risk premium in the cross-section of stock options, consistent with a price-pressure channel.

Tweets posted via smartphones predict next-day returns and news, suggesting smartphones facilitate rapid access to information.

PPS decreases in both short- and long-run volatilities, but only the short-run volatility affects executives’ incentive.

When stocks overweighted by active mutual funds outperform other stocks, the S&P 500 tends to do well the next day, and vice-versa.

A media outlet issues more positive news coverage of a firm when they have common institutional investors.