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 …

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 …

When assessing a fund manager's skill, sophisticated investors will consider all factors
(priced and unpriced) that explain cross-sectional variation in fund performance. We …

Mutual funds change their risk levels significantly over time. Risk shifting might be caused by
ill-motivated trades of unskilled or agency-prone fund managers who trade to increase their …

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 …

Whether responsible investing reduces portfolio risk remains open to discussion. We study
the relationship between ESG performance and downside risk at fund level in the Chinese …

This study measures the financial impact of screening for environmental, social and
governance criteria on corporate bond portfolios. Specifically, the risk-adjusted financial …

This paper provides the first systematic analysis of performance patterns for emerging funds
and managers in the hedge fund industry. Emerging funds and managers have particularly …

We analyze the performance persistence of Islamic and Socially Responsible Investment
(SRI) mutual funds. We adopt a multi-stage strategy in which, in the first stage, partial …

Purpose This study explores the contagion of greenwashing strategies among ESG mutual
funds. It investigates how the greenwashing behaviors of peer funds within the same family …