![]() * - The universe of domestic equity funds is defined following KSZ */ * - MFLinks provides the linking between Thomson and CRSP fund ids */ * returns, expense, and total assets at the portfolio level */ * - CRSP Mutual Fund database is used to compute total returns, gross */ * - Thomson-Reuters Mutual Fund Holdings Data are used to compute */ * Details : - Replicates Kacperzczyk, Sialm and Zheng (RFS, 2008) findings */ * Authors : Denys Glushkov and Rabih Moussawi */ * Summary : Derive Mutual Fund Return Gap, using Holdings and Total Returns Data */ ![]() ![]() This concept is a good example to demonstrate the best practices of working both with Thomson-Reuters Mutual Fund Ownership database (formerly known as CDA/Spectrum) and CRSP MFDB, and using WRDS MFLinks to merge both databases. Return Gap is the difference between the reported fund return and the return on a portfolio that invests in the previously disclosed fund holdings. The authors developed the “Return Gap” measure as a means to capture the impact of unobserved actions by mutual fund managers on fund returns. Overall, the gender gap in housing returns is economically large and can explain 30% of the gender gap in wealth accumulation at retirement.This program is intended to replicate some of the results of the paper "Unobserved Actions of Mutual Funds" by Kacperzczyk, Sialm and Zheng (RFS, 2008). Gender differences in upgrade and maintenance rates, and preferences for housing characteristics and listing agents appear to be less important factors. Women experience worse execution prices because of differences in the choice of initial list price and negotiated discount relative to the list price. The remaining gap arises primarily from gender differences in execution prices: data on repeat sales reveal that women buy the same property for approximately 2% more and sell for 2% less. Approximately 45% of the gap in housing returns can be explained by gender differences in the location and timing of transactions. The gender gap grows significantly larger after accounting for mortgage borrowing: men earn 7.9 percentage points higher levered returns per year relative to women. Using detailed data on housing transactions across the United States since 1991, we find that single men earn 1.5 percentage points higher unlevered returns per year on housing relative to single women. Housing wealth represents the dominant form of savings for American households. Transportation Economics in the 21st Century.Training Program in Aging and Health Economics.The Roybal Center for Behavior Change in Health.Retirement and Disability Research Center.Measuring the Clinical and Economic Outcomes Associated with Delivery Systems.Improving Health Outcomes for an Aging Population.Early Indicators of Later Work Levels, Disease and Death.Conference on Research in Income and Wealth.Boosting Grant Applications from Faculty at MSIs.Productivity, Innovation, and Entrepreneurship.International Finance and Macroeconomics.
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