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 …

We study compensation contracts of individual portfolio managers using hand‐collected
data of over 4,500 US mutual funds. Variations in the compensation structures are broadly …

Active equity funds care about fund size, affected by fund flows that obey a strong factor
structure with the common component responding to macroeconomic shocks. Funds hedge …

This paper studies the effect of portfolio manager ownership (ie,“skin in the game”) on
mutual fund risk taking. Using holdings-based risk change measures that capture managers' …

We study how mutual fund managers gain an edge in selecting stocks in an era of
globalization. We use textual analysis to construct a measure that captures a mutual fund's …

Numerous studies investigate the relationships between fund manager characteristics and
fund performance. However, most evaluate fund performance by using traditional factor …

In 2012, the US Department of Labor imposed new disclosure requirements for indirect fees
that 401 (k) retirement plan service providers earn through revenue sharing agreements with …

In contrast with theoretical predictions, high-fee active equity funds generate worse net-of-
expenses performance. We show that this fee-performance puzzle is driven by the …

An abundance of evidence relates facial width-to-height ratio (fWHR) to masculine
behaviors in males. We show that hedge funds operated by high-fWHR managers …

This study investigates whether mutual fund managers can generate alpha through thematic
investment strategies that focus their portfolios on stocks poised to benefit from specific …