The paper provides a critical review of empirical findings on the performance of mutual
funds, mainly for the US and UK. Ex‐post, there are around 0‐5% of top performing UK and …

Many natural competitors are jointly held by a small set of large institutional investors. In the
US airline industry, taking common ownership into account implies increases in market …

This paper surveys and critically evaluates the literature on the role of management effects
and fund characteristics in mutual fund performance. First, a brief overview of performance …

A growing body of research shows that family firms are different from other organizations in
significant ways. In this paper we review this literature by examining how family firms differ …

Despite extensive disclosure requirements, mutual fund investors do not observe all actions
of fund managers. We estimate the impact of unobserved actions on fund returns using the …

Incubation is a strategy for initiating new funds, where multiple funds are started privately,
and, at the end of an evaluation period, some are opened to the public. Consistent with …

We use a new data set to study the determinants of the performance of open–end actively
managed equity mutual funds in 27 countries. We find that mutual funds underperform the …

We investigate the link between a firm's competitive environment and the idiosyncratic
volatility of its stock returns. We find that firms enjoying high market power, or established in …

Gruber (1996) drew attention to the puzzle that investors buy actively managed equity
mutual funds, even though on average such funds underperform index funds. We uncover …

Mutual funds change their risk levels significantly over time. Risk shifting might be caused by
ill-motivated trades of unskilled or agency-prone fund managers who trade to increase their …