{"id":{"repo_id":"mit","oai_identifier":"oai:dspace.mit.edu:1721.1/144622"},"canonical_url":"https://search.dev.ndltd.org/etd/mit/oai:dspace.mit.edu:1721.1/144622","repository":{"repo_id":"mit","name":"MIT","base_url":"https://dspace.mit.edu/oai/request"},"display":{"title":"The Role of Portfolio Disclosures in the Mutual Fund Industry","abstract":"I study whether increased transparency of fund portfolio disclosures improves outcomes for mutual fund investors. Exploiting the staggered adoption of the SEC's Form N-PORT, which improved the quality and quantity of information on fund strategies and risk profiles, I find a reduction in performance manipulation and managerial rent extraction, evidenced by decrease in risk shifting and management fees. The results are pronounced among funds that offer institutional share classes, suggesting that institutional investors benefit more from the new disclosures. I also show that investors become better at allocating capital to funds that will perform well in the future. Collectively, my findings highlight the role of portfolio disclosures in mitigating agency problems in delegated asset management by affecting managers' and investors' investment decisions.","abstract_html":"I study whether increased transparency of fund portfolio disclosures improves outcomes for mutual fund investors. Exploiting the staggered adoption of the SEC's Form N-PORT, which improved the quality and quantity of information on fund strategies and risk profiles, I find a reduction in performance manipulation and managerial rent extraction, evidenced by decrease in risk shifting and management fees. The results are pronounced among funds that offer institutional share classes, suggesting that institutional investors benefit more from the new disclosures. I also show that investors become better at allocating capital to funds that will perform well in the future. Collectively, my findings highlight the role of portfolio disclosures in mitigating agency problems in delegated asset management by affecting managers' and investors' investment decisions.","abstract_has_math":false,"creators":["Choi, Ki-Soon"],"institution":"Massachusetts Institute of Technology","degree_name":"Doctoral","degree_level":null,"degree_discipline":null,"degree_department":"Sloan School of Management","school":null,"contributors":[],"advisors":["So, Eric","Verdi, Rodrigo"],"committee_chairs":[],"committee_members":[],"year":2022,"date_issued":"2022-05","date_published":"2022-05","updated_at":"2026-07-22T22:22:00Z","subjects":[],"languages":[],"rights":["In Copyright - Educational Use Permitted","Copyright MIT"],"rights_urls":["http://rightsstatements.org/page/InC-EDU/1.0/"],"identifier_entries":[]},"links":{"outbound_url":"https://hdl.handle.net/1721.1/144622","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.advisor","label":"Advisor","values":["So, Eric","Verdi, Rodrigo"]},{"key":"dc:contributor.department","label":"Department","values":["Sloan School of Management"]},{"key":"dc:creator","label":"Author","values":["Choi, Ki-Soon"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2022-08-29T16:00:13Z"]},{"key":"dc:date.available","label":"Dc Date Available","values":["2022-08-29T16:00:13Z"]},{"key":"dc:date.issued","label":"Date","values":["2022-05"]},{"key":"dc:publisher","label":"Institution","values":["Massachusetts Institute of Technology"]},{"key":"dc:type","label":"Dc Type","values":["Thesis"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Doctoral","Doctor of Philosophy"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:rights","label":"Dc Rights","values":["In Copyright - Educational Use Permitted","Copyright MIT"]},{"key":"dc:rights.uri","label":"Rights URI","values":["http://rightsstatements.org/page/InC-EDU/1.0/"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["https://hdl.handle.net/1721.1/144622"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["I study whether increased transparency of fund portfolio disclosures improves outcomes for mutual fund investors. Exploiting the staggered adoption of the SEC's Form N-PORT, which improved the quality and quantity of information on fund strategies and risk profiles, I find a reduction in performance manipulation and managerial rent extraction, evidenced by decrease in risk shifting and management fees. The results are pronounced among funds that offer institutional share classes, suggesting that institutional investors benefit more from the new disclosures. I also show that investors become better at allocating capital to funds that will perform well in the future. Collectively, my findings highlight the role of portfolio disclosures in mitigating agency problems in delegated asset management by affecting managers' and investors' investment decisions."]},{"key":"dc:description.degree","label":"Dc Description Degree","values":["Ph.D."]},{"key":"dc:title","label":"Title","values":["The Role of Portfolio Disclosures in the Mutual Fund Industry"]}]}],"canonical_facts":{"dc:contributor.advisor":["So, Eric","Verdi, Rodrigo"],"dc:contributor.department":["Sloan School of Management"],"dc:creator":["Choi, Ki-Soon"],"dc:date.accessioned":["2022-08-29T16:00:13Z"],"dc:date.available":["2022-08-29T16:00:13Z"],"dc:date.issued":["2022-05"],"dc:description.abstract":["I study whether increased transparency of fund portfolio disclosures improves outcomes for mutual fund investors. Exploiting the staggered adoption of the SEC's Form N-PORT, which improved the quality and quantity of information on fund strategies and risk profiles, I find a reduction in performance manipulation and managerial rent extraction, evidenced by decrease in risk shifting and management fees. The results are pronounced among funds that offer institutional share classes, suggesting that institutional investors benefit more from the new disclosures. I also show that investors become better at allocating capital to funds that will perform well in the future. Collectively, my findings highlight the role of portfolio disclosures in mitigating agency problems in delegated asset management by affecting managers' and investors' investment decisions."],"dc:description.degree":["Ph.D."],"dc:identifier.uri":["https://hdl.handle.net/1721.1/144622"],"dc:publisher":["Massachusetts Institute of Technology"],"dc:rights":["In Copyright - Educational Use Permitted","Copyright MIT"],"dc:rights.uri":["http://rightsstatements.org/page/InC-EDU/1.0/"],"dc:title":["The Role of Portfolio Disclosures in the Mutual Fund Industry"],"dc:type":["Thesis"],"thesis:degree_name":["Doctoral","Doctor of Philosophy"]},"updated_at":"2026-07-22T22:22:00Z"}