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 …

This review describes several important recent advances in the measurement of the
performance of actively managed portfolios. For returns-based performance evaluation, we …

We study the relations between management contract terms and performance in private
equity using new data for 837 funds from 1984–2010. We find no evidence that higher fees …

Using a large proprietary database of institutional trades, this paper examines the interim
(intraquarter) trading skills of institutional investors. We find strong evidence that institutional …

Private equity (PE) performance is persistent, with PE firms consistently producing high (or
low) net-of-fees returns. We use a new variance decomposition model to isolate three …

We use information from over 2 million trading strategies randomly generated using real
data and from strategies that survive the publication process to infer the statistical properties …

We propose conviction narrative theory (CNT) to broaden decision-making theory in order to
better understand and analyse how subjectively means–end rational actors cope in contexts …

The increasingly large role played by financial intermediaries, such as venture capitalists
and angels, in nurturing entrepreneurial firms and in promoting product market innovation …

This chapter examines the selection and termination of investment management firms by
3,400 plan sponsors between 1994 and 2003. Plan sponsors hire investment managers …

Advisors often manage multiple versions of a fund. These “twins” have the same manager
and similar performance but are sold to different investors with differing abilities to select and …