Just over 20 years have passed since the publication of Mark Carhart's landmark 1997 study
on mutual funds. Its conclusion—that the data did “not support the existence of skilled or …

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 …

Passive investors—ETFs and index funds—are the most important development in modern-
day capital markets, dictating trillions of dollars in capital flows and increasingly owning …

Using the value that a mutual fund extracts from capital markets as the measure of skill, we
find that the average mutual fund has used this skill to generate about $3.2 million per year …

Using a sample of 97 stock return anomalies, we find that anomaly returns are 50% higher
on corporate news days and six times higher on earnings announcement days. These …

In China, many firms advertise that they follow environmentally friendly practices to cover
their true activities, a practice called greenwashing, which can cause the public to doubt the …

The question of whether and how mutual fund managers provide valuable services for their
clients motivates one of the largest literatures in finance. One candidate explanation is that …

We propose a new definition of skill as general cognitive ability to pick stocks or time the
market. We find evidence for stock picking in booms and market timing in recessions …

This paper uses social networks to identify information transfer in security markets. We focus
on connections between mutual fund managers and corporate board members via shared …

We show that the positive relation between institutional ownership and future stock returns
documented in Gompers and Metrick is driven by short-term institutions. Furthermore, short …