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 …

This paper surveys and critically evaluates the literature on the role of management effects
and fund characteristics in mutual fund performance. First, a brief overview of performance …

Purpose The Chinese fund market has witnessed significant developments in recent years.
However, although there has been a range of studies assessing fund performance in …

In corporate finance and asset pricing empirical work, researchers are often confronted with
panel data. In these data sets, the residuals may be correlated across firms or across time …

Using a sample free of survivor bias, I demonstrate that common factors in stock returns and
investment expenses almost completely explain persistence in equity mutual funds' mean …

We propose a new definition of skill as general cognitive ability to pick stocks or time the
market. We find evidence for stock picking in booms and market timing in recessions …

The use of predetermined variables to represent public information and time‐variation has
produced new insights about asset pricing models, but the literature on mutual fund …

We apply a new bootstrap statistical technique to examine the performance of the US open‐
end, domestic equity mutual fund industry over the 1975 to 2002 period. A bootstrap …

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 …

This study compares the relations between asset flow and performance in the retail mutual
fund and fiduciary pension fund segments of the money management industry, and relate …