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 …

Passive investors—ETFs and index funds—are the most important development in modern-
day capital markets, dictating trillions of dollars in capital flows and increasingly owning …

This study aims to analyze the trends, progress, and opportunities for future research on
managerial ability literature. Since receiving a lot of attention after the study of Demerjian et …

We study tradeoffs among active mutual funds' characteristics. In both our equilibrium model
and the data, funds with larger size, lower expense ratio, and higher turnover hold more …

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 …

ABSTRACT I demonstrate that skill and scale are mismatched among actively managed
equity mutual funds. Many mutual fund investors confuse the effects of fund exposures to …

We select mutual funds in real time by combining individual fund holdings and a large
number (94) of stock characteristics to compute fund-level characteristics on the basis of the …

We evaluate the performance of artificial intelligence (AI)-powered mutual funds. We find
that these funds do not outperform the market per se. However, a comparison shows that AI …

We investigate the performance of funds that specialise in cryptocurrency markets. In doing
so, we contribute to a growing literature that aims to understand the value of digital assets as …

We study the interdependencies between transaction costs, portfolio characteristics, and
mutual fund performance. Using a novel data set of actual mutual fund trades, we find that …