... Licensed re-use rights only Innovation High-tech industries Agency theory Mergers and acquisitions Serial acquirers Payment method Performance persistence Public listing F23 G30 G34 In the past several decades, over 70% of the $15tn in cumulative acquisition value around...

...Nicolas P.B. Bollen; Juha Joenväärä; Mikko Kauppila This paper successfully replicates Kosowski, Naik and Teo (2007) and Jagannathan, Malakhov and Novikov (2010), two seminal studies of hedge fund performance persistence. The authors show that top funds continue to persist in a more recent sample...

...-year returns. We find that significant performance persistence does not exist in the post-Carhart 1994 to 2018 period. Even during the Carhart 1963 to 1993 period, performance persistence weakened in later years. The disappearance of performance persistence is due to lower returns to favorable styles...