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 present a comprehensive analysis of the performance and flows of US actively managed
equity mutual funds during the 2020 COVID-19 crisis. We find that most active funds …

This study provides a comprehensive examination of recent mutual fund performance by
analyzing a large set of both mutual funds and fund attributes in an effort to link performance …

Purpose This paper aims to clarify the mechanism by which heuristics influences the
investment decisions of individual investors, actively trading on the Pakistan Stock …

Hundreds of papers and factors attempt to explain the cross-section of expected returns.
Given this extensive data mining, it does not make sense to use the usual criteria for …

Un apasionante recorrido por el funcionamiento de la mente de la mano del padre de la
psicología conductista y premio Nobel de Economía en 2002: Daniel Kahneman. En Pensar …

“Bali, Engle, and Murray have produced a highly accessible introduction to the techniques
and evidence of modern empirical asset pricing. This book should be read and absorbed by …

SEQUELS ARE RARELY AS good as the originals, so I approach this review of the market
efflciency literature with trepidation. The task is thornier than it was 20 years ago, when work …

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 …

The capital asset pricing model (CAPM) of William Sharpe (1964) and John Lintner (1965)
marks the birth of asset pricing theory (resulting in a Nobel Prize for Sharpe in 1990). Before …