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 …

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 …

We empirically analyze the nature of returns to scale in active mutual fund management. We
find strong evidence of decreasing returns at the industry level. As the size of the active …

We consider a model where investors can invest directly or search for an asset manager,
information about assets is costly, and managers charge an endogenous fee. The efficiency …

Abstract Relying on the Stambaugh, Yu, and Yuan (2015) mispricing score and on 45
countries between 1994 and 2013, I document economically meaningful and statistically …

Using cross-country data on trading by international mutual funds, I find that firms with more
opaque information environments, as captured by firm-and country-level measures of the …

A Review of the Active Management of Norway’s Government Pension Fund Global Page 1 A
Review of the Active Management of Norway’s Government Pension Fund Global Rob …

We investigate the performance of funds that specialise in cryptocurrency markets. In doing
so, we contribute to a growing literature that aims to understand the value of digital assets as …

Emerging market analysis of passive and active investing under bear and bull market conditions
| Emerald Insight Books and journals Case studies Expert Briefings Open Access Publish with …

Consumers regularly make decisions. Some of these decisions are relatively simple, such
as a selecting a jam or a coffee, where the choice is entirely subjective. Others, such as …