Andrea Rossi - Assistant Professor of Finance - University of Arizona
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Research Interests
Investments and Asset Management (Private Equity, Mutual Funds, Hedge Funds), Investor Behavior, Forensic Finance

Published Papers​​
1. Industry Familiarity and Trading: Evidence from the Personal Portfolios of Industry Insiders
with Itzhak Ben-David and Justin Birru 
  • Journal of Financial Economics, Volume 132 (2019).  
  • ​Read: (SSRN Link) (Journal Link)
  • Media coverage: Alpha Architect
​​2. What do Mutual Fund Investors Really Care About? 
with Itzhak Ben-David, Jiacui Li, and Yang Song
  • Review of Financial Studies, Volume 35 (2022). 
  • Read: ​(SSRN Link)  (Journal Link)
  • ​Media coverage: Yahoo! Finance, ETF.com, Columbia Law School’s Blue Sky Blog, CXO Advisory Group, CityWire, Alpha Architect, Alpha Architect 2, Ben Felix (PWL Capital/Rational Reminder Podcast)
​​3. Ratings-Driven Demand and Systematic Price Fluctuations
with Itzhak Ben-David, Jiacui Li, and Yang Song
  • Review of Financial Studies, Volume 35 (2022). ​
  • Read: ​(SSRN Link)  (Journal Link) ​
  • ​Media coverage: Dow Jones & Company (MarketWatch), Morningstar 
​​4. Discontinued Positive Feedback Trading and the Decline of Return Predictability
with Itzhak Ben-David, Jiacui Li, and Yang Song
  • Read: ​​(SSRN Link) (Journal Link)​​
  • Journal of Financial and Quantitative Analysis, Volume 59 (2024)
  • ​Media coverage: Wall Street Journal, Alpha Architect
​​5. Unsmoothing Returns of Illiquid Funds 
with Spencer Couts and Andrei Goncalves​
  • Read: ​​(SSRN Link) (Journal Link)
  • Review of Financial Studies, Volume 37 (2024)
  • ​Media coverage: Canadian Investment Review, Fidelity Investments 
​​6. Moving the Goalposts? Mutual Fund Benchmark Changes and Performance Manipulation
with Kevin Mullally
  • Read: ​​(SSRN Link)  (Journal Link)​
  • Review of Financial Studies, Volume 38 (2025)
  • Media coverage: Wall Street Journal (2022), FT's Board IQ, Forbes, Columbia Blue Sky Blog, The Evidence-Based Investor, Advisor Perspectives, National Association of Plan Advisors, Wall Street Journal (2026)​
​​7. The Performance of Hedge Fund Performance Fees 
with Itzhak Ben-David and Justin Birru​​
  • Read: ​(SSRN Link)
  • Accepted at Review of Corporate Finance Studies
  • ​Media coverage: Wall Street Journal, Financial Times, National Review, Institutional Investor, Promarket, CNBC, The Evidence-Based Investor, Wealth Professional, Market Watch, Naked Capitalism, Opalesque, Institutional-Money, Toronto Star, Rational Reminder Podcast – Episode 268

Working Papers
​​1. Subjective Beliefs and the Portfolio Allocations of Institutional Investors 
with Aleksandar Andonov, Spencer Couts, Andrei Goncalves, and Johnathan Loudis
  • Read: ​(SSRN Link)
  • Media coverage: Larry Swedroe
​​2. Decreasing Returns or Reversion to the Mean? The Case of Private Equity Fund Growth
  • Read: ​(SSRL Link)
  • Finalist Research Award (top 5 papers), European Investment Forum 2019
  • Media coverage: Tuck Forum on Private Equity and Venture Capital, European Investment Forum, Institutional Investor, Coller Capital: Private Equity Findings ​​

Non-Refereed and Book Chapters
​​1. Private Equity Fund Size
  • The Palgrave Encyclopedia of Private Equity. Palgrave Macmillan, Cham (2023)
  • (Read Chapter)  (SSRN Link)​​

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