Professors Anne Tucker, Yusen Xia and Susan Navarro Smelcer were recently featured on the Columbia Law School Blue Sky Blog with an article on mutual fund disclosures of COVID-19 as a "current market condition." Under SEC regulations, U.S. mutual funds must disclose current market conditions that materially change the risks of investment. Mutual funds, a critically important source of retirement and education savings, manage 21 percent of all American household financial assets. As discussed in the article, the research demonstrates that COVID-19 disclosures are rising, along with disclosures of public health risks more generally in fund prospectuses.
Georgia State's mutual fund disclosure research group has built a large database of fund disclosure text, developed computational tools to analyze content, compliance, and characteristics. Visit the website to learn more about their plans to use legal analytics to study mutual funds.