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 …

The US financial services industry grew from 4.9 percent of GDP in 1980 to 7.9 percent of
GDP in 2007. A sizeable portion of the growth can be explained by rising asset management …

This comprehensive reference delivers a toolkit for harvesting market rewards from a wide
range of investments. Written by a world-renowned industry expert, the reference discusses …

Investment is no longer a matter of individual savers directly choosing which shares or
bonds to buy. Rather, most of their money flows through a'chain': an often extended …

The unique regulation of US public pension funds links their liability discount rate to the
expected return on assets, which gives them incentives to invest more in risky assets in …

Using new, survivorship bias‐free data, we examine the performance and persistence in
performance of 4,617 active domestic equity institutional products managed by 1,448 …

We study the effect of investor horizons on corporate behavior. We argue that longer investor
horizons attenuate the effect of stock mispricing on corporate policies. Consistent with our …

Representation on pension fund boards by state officials—often determined by statute
decades past—is negatively related to the performance of private equity investments made …

" Much of what we experience in life results from a combination of skill and luck."--From the
Introduction The trick, of course, is figuring out just how many of our successes (and failures) …