...Paul Calluzzo; Fabio Moneta; Selim Topaloglu We study the allowance and use of derivatives, leverage, and illiquid assets by mutual funds. We observe that an increasing number of funds are granted access to these complex instruments over our sample period. In contrast to previous studies, we find...

...Luboš Pástor; Robert F. Stambaugh; Lucian A. Taylor; Min Zhu We take a deeper look at the robustness of evidence presented by Pástor et al. (2015 ) and Zhu (2018 ), who find that an actively managed mutual fund’s returns relate negatively to both fund size and the size of the active...

...Scott Cederburg; Michael S. O’Doherty; N. E. Savin; Ashish Tiwari Recent studies link mutual fund performance to measures of active management, and this evidence often takes the form of large spreads in unconditional alphas for characteristic-sorted portfolios. Unconditional benchmarks can, however...

.... © 2017 Anna von Reibnitz 2017 Anna von Reibnitz Licensed re-use rights only Mutual funds Return dispersion Active management G11 G14 C20 C23 The business case of the funds management industry is dependent on adding value. Passive fund managers charge modest fees...