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 …

Hedge funds have become increasingly important players in financial markets. This
heightened importance has spawned a large academic literature focused on issues …

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 …

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 …

We provide evidence regarding mutual funds' motivation to hold lottery stocks. Funds with
higher managerial ownership invest less in lottery stocks, suggesting that managers …

This paper formally analyzes the biases related to self-reporting in hedge fund databases by
matching the quarterly equity holdings of a complete list of 13F-filing hedge fund companies …

We examine situations where the same fund manager simultaneously manages mutual
funds and hedge funds. We refer to this as side-by-side management. We document 344 …

Abstract In Mergers and Acquisitions (M&As) a significant proportion of targets' equity is
owned by financial institutions that simultaneously own targets' bonds (“dual holders”) …

We examine the performance of mutual funds whose managers simultaneously manage
portfolios with performance-based incentive fees for three account types: mutual funds …

We analyze mutual fund industry selectivity—the performance of a fund's industry allocation
relative to the market. We find that industry selection accounts for a full third of fund …