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Corporate Governance in Mutual Funds: The Impact of Holdings Disclosure
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voluntary portfolio disclosure
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Portfolio holdings disclosure has been a controversial issue for many years; SEC disclosure requirements in the US were relaxed from quarterly to semi-annual in 1985, then in 2004 returned to a quarterly mandate. In some countries holdings disclosure is not mandatory, but some are considering laws to make it compulsory. In the US there are discussions about whether hedge funds should come under increased scrutiny, and be subject to more disclosure. In a setting where disclosure is not required but some funds voluntarily disclose, we find returns are not harmed by disclosure, and flow to disclosing funds is higher.