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 …

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 …

Theories of entrepreneurship have proposed that entrepreneurs are shaped by contextual
influences. This paper examines the social transmission of entrepreneurial behavior across …

We document significantly lower inflows in female-managed funds than in male-managed
funds. This result is obtained with field data and with data from a laboratory experiment. We …

This study revisits the well-established notion that large and mature organizations stifle an
employee's ability and motivation to become an entrepreneur. Using unique data on US …

A new meta-field of “forensic economics” has begun to emerge, uncovering evidence of
hidden behavior in a variety of domains. Examples include teachers cheating on exams …

We show that name-induced stereotypes affect the investment choices of US mutual fund
investors. Managers with foreign-sounding names have about 10% lower annual fund flows …

This paper provides the first empirical test of the diversification of opinions theory and the
group shift theory using real business data. Our data set covers management teams and …

Despite the overwhelming trend in mutual funds toward team management, empirical
studies find no performance benefits for this phenomenon. We show it is caused by large …

The level of diseconomies of scale in asset management has important implications for tests
of manager skill and the expected level of performance persistence. To identify the causal …