The Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI) have been collaborating for the past two years to collect data on participants in 401(k) plans. This effort, known as the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project, has obtained data for 401(k) plan participants from certain of EBRI and ICI sponsors and members serving as plan r...

The purpose of this study is to analyze the effect Rupiah Exchange Rate, BI Rate and Money in Circulation on Net Asset Value Islamic Mutual Funds. This research was conducted mutual fund companies registered with Financial Services Authority (OJK) period from 2016 2020. sampling technique used a time series. quantitative approach multiple linear regression analysis methods SPSS version 25 Micro...

This paper studies the financing of durable assets in a model with collateral constraints due to limited enforcement. Durability affects the ease of financing: we show that more durable assets require larger down payments of internal funds per unit of capital making them harder to finance, because durability raises the price of an asset and hence the overall financing need more than its collate...

In today’s 401(k) world, individuals must choose how to invest their retirement savings. Yet evidence shows that they often make poor choices on their own. Target date funds (TDFs) were designed as a potential solution. TDFs provide a pre-set mix of stocks and bonds, which shifts away from stocks and toward bonds as individuals age. These funds are often used as the default option for 401(k)s t...

Mutual funds hold large blocks of shares in many major corporations. Practitioners and regulators alike have been concerned that mutual funds use their proxy votes in a promanagement manner in order to garner lucrative pensions administration contracts, thus hindering shareholder value. Such concerns led the SEC to mandate the disclosure of mutual fund proxy votes starting in 2003. We present a...

This paper shows empirically that the positive association between mutual fund ownership and firm value in China is mainly driven by the informed trading of mutual funds. Utilizing the unique short term feature of mutual fund holdings for the period from 2001 to 2010, we provide an informational link between a decomposed component of market-to-book ratio (firm specific valuation component) and ...

This paper explores U.S. mutual fund flows, finding strong evidence of seasonal reallocation across funds based on fund exposure to risk. We show that substantial money moves from U.S. equity to U.S. money market and government bond mutual funds in the fall, then back to equity funds in the spring, controlling for the influence of past performance, advertising, liquidity needs, capital gains ov...

The static trade-off and pecking order capital structure theories are analyzed and applied to nonprofit organizations. In addition, this paper also considers how nonprofits adjust their leverage over time. The analyses consider the unique role of donor-restricted endowments in the decision to borrow, as well as different types of borrowing by nonprofits. The results indicate that nonprofit capi...