Fund Flows and Income Risk of Fund Managers

We are grateful to Jonathan Berk, Jan Eberly, Richard Evans, Gene Fama, Itay Goldstein, John Heaton, Urban Jermann, Ron Kaniel, Stijn Van Nieuwerburgh, Uday Rajan, Nick Roussanov, Sergio Salgado, Larry Schmidt, Luke Taylor, Yu Xu, and Russ Wermers, as well as seminar and conference participants at Colorado Finance Summit, MFA, NBER Big Data and Securities Markets, Texas A&M University, University of Chicago (Booth), University of Delaware (Lerner), University of Michigan (Ross), and Wharton for their comments and suggestions. We thank Gajendra Choudhary, Wenting Dai, Yijing Ren, Lorry Wu, Xiaoling Wu, Shuman Zhang, and Zitong Zhao for excellent research assistance. Cen and Wu acknowledge the financial supports from Mays Mini Research Grant. Dou is grateful for the financial supports from the Rodney L. White Center for Financial Research, Wharton Dean’s Research Fund, and the Golub Faculty Scholar Award at Wharton. This research uses data from the Census Bureau’s Longitudinal Employer Household Dynamics Program, which was partially supported by the following National Science Foundation Grants SES-9978093, SES-0339191 and ITR-0427889; National Institute on Aging Grant AG018854; and grants from the Alfred P. Sloan Foundation. Any views expressed are those of the authors and not those of the U.S. Census Bureau. The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data used to produce this product. This research was performed at a Federal Statistical Research Data Center under FSRDC Project Number 1831. (CBDRB-FY23-P1831-R10556, CBDRB-FY23-P1831-R10848, FY24-P1831-R11063, FY24-P1831-R11149, FY24-P1831-R11171, FY24-P1831-R11210). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• online appendix

• December 22, 2023
• February 19, 2024