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 a sample free of survivor bias, I demonstrate that common factors in stock returns and
investment expenses almost completely explain persistence in equity mutual funds' mean …

This article develops and applies new measures of portfolio performance which use
benchmarks based on the characteristics of stocks held by the portfolios that are evaluated …

We analyze the trading activity of the mutual fund industry from 1975 through 1994 to
determine whether funds “herd” when they trade stocks and to investigate the impact of …

We use a new database to perform a comprehensive analysis of the mutual fund industry.
We find that funds hold stocks that outperform the market by 1.3 percent per year, but their …

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 …

Buying recent winners and shorting recent losers guarantees time-varying factor exposures
in accordance with the performance of common risk factors during the ranking period …

We demonstrate that a firm's ability to innovate is predictable, persistent, and relatively
simple to compute, and yet the stock market appears to ignore the implications of past …

We investigate the value of active mutual fund management by examining the stockholdings
and trades of mutual funds. We fine that stocks widely held by funds do not outperform other …

Mutual fund returns strongly persist over multi-year periods-that is the central finding of this
paper. Further, consumer and fund manager behavior both play a large role in explaining …