Richard B. Evans

University of Virginia - Darden School of Business

Donald McLean Wilkinson Research Chair Associate Professor

P.O. Box 6550

Charlottesville, VA 22906-6550

United States

http://faculty.darden.virginia.edu/evansr/

  • University of Virginia - Darden School of Business

    • Email
    • Tel: 434-924-4030
    • Fax: 434-243-7680
SCHOLARLY PAPERS

35

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162

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201

Scholarly Papers (35)

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1.

Scale Effects in Mutual Fund Performance: The Role of Trading Costs

Number of pages: 41 Posted: 13 Dec 2006 Last Revised: 08 Jul 2009
Roger M. Edelen, Richard B. Evans and Gregory B. Kadlec
Virginia Tech, University of Virginia - Darden School of Business and Virginia Polytechnic Institute & State University - Pamplin College of Business
Downloads 4,814 (1,944)
Citation 73

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Mutual Fund, Trading Costs, Size, Flow, Soft Dollars

2.

ETF Short Interest and Failures-to-Deliver: Naked Short-Selling or Operational Shorting?

Darden Business School Working Paper No. 2961954, 2019 Academic Research Colloquium for Financial Planning and Related Disciplines
Number of pages: 79 Posted: 03 May 2017 Last Revised: 11 Apr 2019
Richard B. Evans, Rabih Moussawi, Michael S. Pagano and John Sedunov
University of Virginia - Darden School of Business, Villanova University - Department of Finance, Villanova University - Villanova School of Business and Villanova University - Department of Finance
Downloads 1,221 (18,934)
Citation 10

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Exchange-Traded Funds, Financial Markets, Short Selling, Market Making, Liquidity, Security Settlement, Short Interest, Counterparty Risk, Authorized Participants, Failure to Deliver

3.

What do Consumers’ Fund Flows Maximize? Evidence from Their Brokers’ Incentives

Journal of Finance, Forthcoming, Darden Business School Working Paper No. 1393289
Number of pages: 60 Posted: 22 Apr 2009 Last Revised: 16 Mar 2012
Susan Kerr Christoffersen, Richard B. Evans and David K. Musto
University of Toronto - Rotman School of Management, University of Virginia - Darden School of Business and University of Pennsylvania - Finance Department
Downloads 1,112 (21,797)
Citation 40

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Brokers, mutual funds, compensation, revenue-sharing

4.

Mutual Fund Incubation

Journal of Finance, Forthcoming
Number of pages: 66 Posted: 27 Mar 2008 Last Revised: 18 Aug 2009
Richard B. Evans
University of Virginia - Darden School of Business
Downloads 1,110 (21,853)
Citation 30

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Mutual fund incubation, investment management, bias in returns, fund flows, fund family

5.

Failure is an Option: Impediments to Short Selling and Options Prices

Downloads 811 ( 34,236)

Failure is an Option: Impediments to Short Selling and Options Prices

EFA 2003 Glasgow
Number of pages: 46 Posted: 01 Aug 2003
Richard B. Evans, Adam V. Reed, Christopher Geczy and David K. Musto
University of Virginia - Darden School of Business, University of North Carolina Kenan-Flagler Business School, University of Pennsylvania - The Wharton School, Finance Department and University of Pennsylvania - Finance Department
Downloads 811 (33,723)
Citation 36

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Failure is an Option: Impediments to Short Selling and Options Prices

The Review of Financial Studies, Vol. 22, No. 5, pp. 1955-1980, 2009
Posted: 13 Apr 2009
Richard B. Evans, Christopher Geczy, David K. Musto and Adam V. Reed
University of Virginia - Darden School of Business, University of Pennsylvania - The Wharton School, Finance Department, University of Pennsylvania - Finance Department and University of North Carolina Kenan-Flagler Business School

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G12, G13, G29

6.

Fund Performance and Equity Lending: Why Lend What You Can Sell?

Review of Finance (2017) V21 (3), 1093-1121
Number of pages: 52 Posted: 06 Jul 2012 Last Revised: 07 Jun 2017
Richard B. Evans, Miguel A. Ferreira and Melissa Porras Prado
University of Virginia - Darden School of Business, Nova School of Business and Economics and Nova School of Business and Economics
Downloads 608 (50,456)
Citation 7

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Mutual funds, Index funds, Performance, Security lending

7.

The Portfolio Choices of Young and Old Active Mutual Fund Managers

AFA 2009 San Francisco Meetings Paper
Number of pages: 58 Posted: 19 Mar 2008 Last Revised: 17 Sep 2010
David A. Chapman, Richard B. Evans and Zhe Xu
McIntire School, University of Virginia, University of Virginia - Darden School of Business and Boston College
Downloads 566 (55,220)
Citation 14

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Mutual Funds, Career Concerns, Portfolio Choice

8.

Institutional Investors and Mutual Fund Governance: Evidence from Retail – Institutional Fund Twins

Review of Financial Studies, Forthcoming, Swiss Finance Institute Research Paper No. 11-31, Darden Business School Working Paper No. 1907149
Number of pages: 55 Posted: 09 Aug 2011 Last Revised: 18 Dec 2012
Richard B. Evans and Rüdiger Fahlenbrach
University of Virginia - Darden School of Business and Ecole Polytechnique Fédérale de Lausanne
Downloads 552 (57,001)
Citation 32

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Governance, Mutual funds, Institutional investors, Performance sensitivity, Identification

9.

The Economics of Mutual-Fund Brokerage: Evidence from the Cross Section of Investment Channels

AFA 2006 Boston Meetings Paper
Number of pages: 37 Posted: 23 Mar 2005 Last Revised: 11 Dec 2011
Susan Kerr Christoffersen, Richard B. Evans and David K. Musto
University of Toronto - Rotman School of Management, University of Virginia - Darden School of Business and University of Pennsylvania - Finance Department
Downloads 529 (60,127)
Citation 16

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Mutual Fund, Financial Intermediary, Brokers

10.

Competition and Cooperation in Mutual Fund Families

Journal of Financial Economics (JFE), Forthcoming, Darden Business School Working Paper No. 2986304
Number of pages: 73 Posted: 15 Jun 2017 Last Revised: 02 Apr 2019
Richard B. Evans, Melissa Porras Prado and Rafael Zambrana
University of Virginia - Darden School of Business, Nova School of Business and Economics and University of Notre Dame - Mendoza College of Business
Downloads 508 (63,276)
Citation 6

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Mutual fund, manager, compensation, incentives, competition, cooperation, cross-holding, performance, cross-subsidization, internal capital markets

11.

Disclosure and Agency Conflict in Delegated Investment Management: Evidence from Mutual Fund Commission Bundling

AFA 2009 San Francisco Meetings Paper
Number of pages: 48 Posted: 26 Mar 2008 Last Revised: 15 May 2011
Roger M. Edelen, Richard B. Evans and Gregory B. Kadlec
Virginia Tech, University of Virginia - Darden School of Business and Virginia Polytechnic Institute & State University - Pamplin College of Business
Downloads 475 (68,754)
Citation 10

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Agency Conflict, Mutual Fund; Performance; Brokerage Commissions; Expenses.

12.

Mutual Fund Performance and Manager Assets: The Negative Effect of Outside Holdings

Darden Business School Working Paper No. 2874975
Number of pages: 47 Posted: 27 Nov 2016 Last Revised: 20 Jul 2020
Richard B. Evans, Javier Gil-Bazo and Marc L. Lipson
University of Virginia - Darden School of Business, Universitat Pompeu Fabra and University of Virginia - Darden School of Business
Downloads 417 (80,493)
Citation 1

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mutual fund managers; diseconomies of scale; outside holdings; attention; price impact.

13.

Intraday Arbitrage Between ETFs and their Underlying Portfolios

Number of pages: 73 Posted: 30 Jan 2019 Last Revised: 15 Feb 2020
Travis Box, Ryan Davis, Richard B. Evans and Andrew A Lynch
Clemson University, University of Alabama at Birmingham, University of Virginia - Darden School of Business and University of Arkansas - Sam M. Walton College of Business
Downloads 403 (83,711)
Citation 4

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Exchange traded funds (ETFs), limits to arbitrage, liquidity

14.

Diseconomies of Scale, Information Processing and Hierarchy Costs: Evidence from Asset Management

Number of pages: 35 Posted: 18 Mar 2017 Last Revised: 20 Apr 2018
Richard B. Evans, Martin Rohleder, Hendrik Tentesch and Marco Wilkens
University of Virginia - Darden School of Business, University of Augsburg, University of Augsburg - Department of Finance and Banking and University of Augsburg
Downloads 279 (125,901)

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Diseconomies of scale, quantitative, fundamental, performance, flows, hierarchy costs, information processing, separate accounts, institutional investing

15.

Phantom of the Opera: ETF Shorting and Shareholder Voting

Number of pages: 50 Posted: 26 Mar 2019 Last Revised: 10 Sep 2019
Richard B. Evans, Oğuzhan Karakaş, Rabih Moussawi and Michael Young
University of Virginia - Darden School of Business, Cambridge Judge Business School - Finance Subject Group, Villanova University - Department of Finance and University of Missouri at Columbia - Department of Finance
Downloads 267 (131,887)
Citation 1

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Exchange-Traded Funds, Proxy Voting, Vote Premium, Short Interest, Operational Shorting, Authorized Participants

16.

The Loan Fee Anomaly: A Short Seller's Best Ideas

Number of pages: 48 Posted: 03 Nov 2020
Joseph Engelberg, Richard B. Evans, Gregory Leonard, Adam V. Reed and Matthew C. Ringgenberg
University of California, San Diego (UCSD) - Rady School of Management, University of Virginia - Darden School of Business, University of North Carolina at Chapel Hill, University of North Carolina Kenan-Flagler Business School and University of Utah - Department of Finance
Downloads 239 (147,923)
Citation 1

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Asset pricing anomalies, equity loan fees, short selling

17.

Liquidity, Mutual Fund Flows, and Reflow Management, Llc

Darden Case No. UVA-F-1600
Number of pages: 10 Posted: 05 Apr 2010
Richard B. Evans and Michael Mills
University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
Downloads 227 (154,738)
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Liquidity, mutual fund, fund flow, trading costs

18.

Outsourcing vs. Integration in the Mutual Fund Industry: An Incomplete Contracting Perspective

Downloads 225 (156,038)
Citation 5

Outsourcing vs. Integration in the Mutual Fund Industry: An Incomplete Contracting Perspective

Darden Business School Working Paper No. 2399177
Number of pages: 44 Posted: 22 Feb 2014
Peter Marcel Debaere and Richard B. Evans
University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
Downloads 225 (155,613)
Citation 5

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Incomplete Contracts, Oursourcing, Investment Advisor, Mutual Fund, Subadvisor

Outsourcing vs. Integration in the Mutual Fund Industry: An Incomplete Contracting Perspective

CEPR Discussion Paper No. DP10599
Number of pages: 46 Posted: 19 May 2015
Peter Marcel Debaere and Richard B. Evans
University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
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boundaries of the firm, outsourcing

19.

The Performance of Diverse Teams: Evidence from U.S. Mutual Funds

Downloads 201 (173,664)
Citation 2

The Performance of Diverse Teams: Evidence from U.S. Mutual Funds

Number of pages: 62 Posted: 08 Jan 2020 Last Revised: 07 Aug 2020
Richard B. Evans, Melissa Porras Prado, Antonino Emanuele Rizzo and Rafael Zambrana
University of Virginia - Darden School of Business, Nova School of Business and Economics, Nova School of Business and Economics and University of Notre Dame - Mendoza College of Business
Downloads 199 (175,950)
Citation 2

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Mutual Fund, Teams, Dispersion in Beliefs, Diversity, Labor Incentives, Political Ideology, Campaign Contributions, Polarization, PACs

The Performance of Diverse Teams: Evidence from U.S. Mutual Funds

CEPR Discussion Paper No. DP14305
Number of pages: 57 Posted: 31 Jan 2020
Richard B. Evans, Melissa Porras Prado, Antonino Emanuele Rizzo and Rafael Zambrana
University of Virginia - Darden School of Business, Nova School of Business and Economics, Nova School of Business and Economics and University of Notre Dame - Mendoza College of Business
Downloads 2 (757,146)
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 Mutual fund, Campaign Contributions, Dispersion in Beliefs, diversity, Labor incentives, PACs, Polarization, Political Ideology, Teams

20.

Information and Implementation: Assessing the Net Impact of Trading on Mutual Funds

Number of pages: 29 Posted: 27 May 2011
Roger M. Edelen, Richard B. Evans and Gregory B. Kadlec
Virginia Tech, University of Virginia - Darden School of Business and Virginia Polytechnic Institute & State University - Pamplin College of Business
Downloads 160 (212,103)

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Mutual fund, trading costs, turnover

21.

Models or Stars: The Role of Asset Pricing Models and Heuristics in Investor Risk Adjustment

Number of pages: 57 Posted: 11 Dec 2018
Richard B. Evans and Yang Sun
University of Virginia - Darden School of Business and Brandeis University- International Business School
Downloads 156 (216,689)
Citation 16

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mutual fund flows, risk adjustment, retail and institutional investors, benchmarks, quality disclosure

22.

Pravda Asset Management

Darden Case No. UVA-F-1602
Number of pages: 9 Posted: 05 Apr 2010
Richard B. Evans
University of Virginia - Darden School of Business
Downloads 139 (238,032)
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Asset allocation, forecasting returns, expected returns, market-timing.

23.

Virginia Investment Partners Optimal Portfolio Allocation

Darden Case No. UVA-F-1598
Number of pages: 10 Posted: 05 Apr 2010
Richard B. Evans
University of Virginia - Darden School of Business
Downloads 131 (249,457)
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Portfolio optimization, diversification, asset allocation, the risk and return tradeoff.

24.

Peer versus Pure Benchmarks in the Compensation of Mutual Fund Managers

Darden Business School Working Paper No. 3441308
Number of pages: 48 Posted: 24 Aug 2019 Last Revised: 17 Mar 2020
Richard B. Evans, Juan-Pedro Gomez, Linlin Ma and Yuehua Tang
University of Virginia - Darden School of Business, IE Business School - IE University, Peking University HSBC Business School and University of Florida - Department of Finance
Downloads 101 (300,460)
Citation 1

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mutual funds, fund manager, managerial compensation, incentives, benchmarking, peer benchmarks, closet indexing

25.

Pittinos Financial Advisers, Llc

Darden Case No. UVA-F-1599
Number of pages: 10 Posted: 05 Apr 2010
Marc L. Lipson and Richard B. Evans
University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
Downloads 90 (323,532)
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financial adviser strategy forecasting

26.

Phantom of the Opera: ETFs and Shareholder Voting

Proceedings of Paris December 2019 Finance Meeting EUROFIDAI - ESSEC
Number of pages: 32 Posted: 18 Dec 2018 Last Revised: 04 Oct 2019
Richard B. Evans, Oğuzhan Karakaş, Rabih Moussawi and Michael Young
University of Virginia - Darden School of Business, Cambridge Judge Business School - Finance Subject Group, Villanova University - Department of Finance and University of Missouri at Columbia - Department of Finance
Downloads 33 (515,306)
Citation 1

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Exchange-Traded Funds, Vote Premium, Proxy Voting, Short Interest, Operational Shorting, Authorized Participants

27.

The Oxcel Endowment and Socially Responsible Investing

Darden Case No. UVA-F-1659
Number of pages: 6 Posted: 30 May 2017
Richard B. Evans
University of Virginia - Darden School of Business
Downloads 31 (525,554)
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investing, endowment, equity allocation, investment funds, return data

28.

Calpers Absolute Return Strategies: Hedge Fund Risk and Return

Darden Case No. UVA-F-1735
Number of pages: 19 Posted: 30 May 2017
Richard B. Evans and Joseph Geissenhainer
University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
Downloads 14 (633,137)
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Finance, investments, portfolio, hedge funds, pension fund, asset allocation, funding ratio, asset allocation

29.

The Fine Art of Financing: The Jpmorgan Private Bank and Lending Against Art

Darden Case No. UVA-F-1760
Number of pages: 15 Posted: 30 May 2017 Last Revised: 14 Mar 2018
Richard B. Evans, Roman Kräussl, Pedro Matos and Christophe Spaenjers
University of Virginia - Darden School of Business, Luxembourg School of Finance, University of Virginia - Darden School of Business and HEC Paris - Finance Department
Downloads 13 (640,299)
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investment asset, art, illiquid assets, investment vehicles, video

30.

Gold as a Portfolio Diversifier: The World Gold Council and Investing in Gold

Darden Case No. UVA-F-1675
Number of pages: 14 Posted: 30 May 2017
Pedro Matos and Richard B. Evans
University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
Downloads 8 (676,358)
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investment research, investor portfolios, gold allocation, core assets, institutional investors, risk-return tradeoff

31.

Cornerstone Partners

Darden Case No. UVA-F-1677
Number of pages: 11 Posted: 30 May 2017
Richard B. Evans and Prakash Menon
University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
Downloads 8 (676,358)
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endowments, outsourcing to investment advisory firms, investment portfolio statement

32.

Divestment as an ESG Tool: Calpers and Tobacco Stocks (A)

Darden Case No. UVA-F-1948
Number of pages: 22 Posted: 13 Sep 2020
Richard B. Evans, Gerry Yemen and Michael Kellett
University of Virginia - Darden School of Business, University of Virginia - Darden School of Business and affiliation not provided to SSRN
Downloads 1 (735,966)
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tobacco, valuation, investment portfolio, pension funds, stakeholders, sustainability, ESG

33.

Research Affiliates

Darden Case No. UVA-F-1662
Number of pages: 22 Posted: 30 May 2017
Richard B. Evans and Rick Green
University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
Downloads 1 (735,966)
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market cap investing, investment strategy, institutional investing

34.

Volatility in China's Stock Market: Boom, Bust, Boom…And Bust?

Darden Case No. UVA-F-1759
Number of pages: 17 Posted: 30 May 2017
Richard B. Evans, Junhui Qian and Dennis Yang
University of Virginia - Darden School of Business, Shanghai Jiao Tong University and University of Virginia - Darden School of Business
Downloads 0 (753,933)
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bull market, bear market, circuit breaker, stock exchange trading

35.

Performance Measurement with Factor Models

Darden Case No. UVA-F-1673
Number of pages: 9 Posted: 30 May 2017
Richard B. Evans
University of Virginia - Darden School of Business
Downloads 0 (753,933)
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fund benchmark, Capital Asset Pricing Model, small cap, mid cap, large cap growth, Russell Midcap Index

Other Papers (1)

Total Downloads: 48
Actions:
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1.

Equity Lending and Mutual Fund Performance

Number of pages: 46 Posted: 11 Jun 2012
Richard B. Evans, Miguel A. Ferreira and Melissa Porras Prado
University of Virginia - Darden School of Business, Nova School of Business and Economics and Nova School of Business and Economics
Downloads 48

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mutual funds, Index funds, performance, security lending