We introduce a new measure of active portfolio management, Active Share, which
represents the share of portfolio holdings that differ from the benchmark index holdings. We …

We study asset prices in an economy where some investors categorize risky assets into
different styles and move funds among these styles depending on their relative performance …

A previous study finds evidence to support selection ability among active fund investors for
equity funds listed in 1982. Using a large sample of equity funds, I find evidence that funds …

We propose that fund performance can be predicted by its R 2, obtained from a regression of
its returns on a multifactor benchmark model. Lower R 2 indicates greater selectivity, and it …

Numerous measures have been proposed to gauge the performance of active management.
Unfortunately, these measures can be gamed. Our article shows that gaming can have a …

We investigate whether mutual fund families strategically transfer performance across
member funds to favor those more likely to increase overall family profits. We find that “high …

We examine the performance of the offshore hedge fund industry over the period 1989
through 1995 using a database that includes defunct as well as currently operating funds …

This paper shows bank mergers that enhance value upon announcement can be
distinguished from those that do not create value. I classify mergers of banking firms …

We examine the form, adoption rates, and economic rationale for various mutual fund
investment restrictions. A sample of US domestic equity funds from 1994 to 2000 reveals …

Most mutual funds adopt investment styles that cluster around a broad market benchmark.
Few funds take extreme positions away from the index, but those who do are more likely to …