Passive investors—ETFs and index funds—are the most important development in modern-
day capital markets, dictating trillions of dollars in capital flows and increasingly owning …

This paper investigates the investment performance of Malaysian Islamic equity funds and a
matching sample of conventional equity funds relative to their market benchmark. An …

Management companies assign some portfolio managers to run funds within a single
investment objective (ie, specialists), and others to run funds across several investment …

We decompose mutual fund value added by the length of funds' holdings using transaction‐
level data. We motivate our decomposition with a model featuring horizon‐specific …

We argue that mutual fund managers should trade actively only when the market presents
opportunities to pick stocks with positive alpha. In this paper, we propose stock-selection …

We investigate whether foreign institutional investors can outperform domestic benchmarks.
Using portfolio holding-based approaches for the Chinese Qualified Foreign Institutional …

This study examines the relationships among window dressing (WD), portfolio
concentration, fund flows, and fund performance in Taiwan's equity fund industry. Our …