Constrained by Law: The Impact of Fiduciary Duties on Portfolios and Prices in US Equity Markets

Published: 28 November 2025| Version 1 | DOI: 10.17632/sbzgcrcdcr.1
Contributors:
Stefano Cassella, Emanuele Rizzo, Oliver Spalt, Leah Zimmerer

Description

This is the replication package for the paper "Constrained by Law: The Impact of Fiduciary Duties on Portfolios and Prices in US Equity Markets". The program “Programs/Replication.do” generates the three figures and nine tables presented in the paper. The package also includes additional programs that illustrate the construction of the final and intermediate datasets used to produce these figures and tables. These additional programs are located in the “Programs/Intermediate” folder of the replication package. Data used in the replication is a combination of proprietary data owned by third parties whose identity can be disclosed and manual intervention. Since it contains third-party proprietary data, the data is anonymized.

Files

Institutions

  • ESADE Business School
  • Universitat Mannheim
  • Tilburg University Tilburg School of Economics and Management

Categories

Finance, Asset Pricing

Licence