As with any actively managed stock fund, there is the risk that the managers' strategies and stock picks will cause the fund to underperform its benchmark or potentially even lose money. All stock ...

One of finance's most perplexing anomalies challenges a bedrock principle of investing: companies facing financial distress often deliver lower stock returns, even though they appear riskier by ...

Crowdedness denotes a scenario in which investors collectively and simultaneously acquire significant volumes of the same assets. The behavior might signal collective wisdom by sophisticated ...

We formalize the idea that the financial sector can be a source of non-fundamental risk. Households’ desire to hedge against price volatility can generate price volatility in equilibrium, even absent ...

Detecting the real drivers of equity risk today starts with a critical look at traditional portfolio theory. Trading trends in recent years have rattled risk concepts. The retail trading fervor stoked ...