[PDF] Top 20 False Discoveries: Winners and Losers in Mutual Fund Performance

... UK mutual fund literature by analyzing the robustness of the FDR approach and how it may give different inferences from the standard approach of “counting” the number of significant ...of false ... See full document

... ex-post performance of funds in the extreme ...future winners and losers? Pastor and Stambaugh (2002) and Busse and Irvine (2006) show that additional precision is achieved in estimating individual ... See full document

... a mutual fund’s family status has on its ...of fund management companies which generates stronger performance persistence among family funds compared to non-family ...past performance leads in ... See full document

... The performance of individual US and UK mutual funds has been extensively ...alpha performance (“selectivity”) in the extreme right tail of the cross-section performance distribution and ... See full document

... affected fund. 8 We actually find a very strong positive correlation between inflows and outflows within the period. The volume of trading in funds is much higher than one would expect by just looking at net flow ... See full document

... Figure 3 shows that, on average, 39% of funds with 5-star ratings outperformed their style benchmarks for the 36 months following the rating, while 46% of funds with 1-star ratings outperformed their style benchmarks for ... See full document

... the performance of both US and UK-based US equity ...treatment, fund objectives and investment ...in performance differentials of this kind, one would expect that that local knowledge would be ... See full document

... evaluation practices, overstates the finding of lack of managerial skill. The ‘explicit’ benchmark plays a central role in portfolio construction and risk management in current investment management practices. Pure stock ... See full document

... reported discoveries, then, corre- sponds to the number of distinct genomic regions (whose variants are uncorrelated) where an association has been ...of discoveries has important im- plications for ... See full document

... A mutual fund is a pool of money, collected from investors, and is invested according to certain investment ...A mutual fund is a trust that pools the savings of a number of investor's who ... See full document

... While mutual funds always trade at the NAV, ETF prices are determined by supply and demand in the market ...a fund in its adjustments toward index composition ... See full document

... estate mutual funds. Redding concludes that real estate fund managers face a challenge computing daily NAVs, given the large holdings of real estate, for which daily valuations are not ...some fund ... See full document

... This paper analyses poverty dynamics in Vietnam during the ‘Doi Moi’ renovation period and tries to identify the winners and losers from the economic and trade reform process implemented in Vietnam in the ... See full document

... Institutional frameworks created by the SAPARD Pro- gramme can be analysed from the sociological point of view as external structures influencing the action of peo- ple. However, the people are not only placed in ... See full document

... After its independence and the subsequent transition period between 1956 and 1960/62, the Moroccan State has developed different activist policies aimed at restructuring the economy through the process of picking ... See full document

... Discussion 4.1 The potential influence of ocean acidification on phytoplankton blooms We observed no detectable CO2 effect on chla during the first bloom in phase II Fig 2 where phytopla[r] ... See full document

... During economic fire - fighting we have to take into consideration that power and sustainability of growing in European economies can be ensured only by energy system re - structuring, which means improved energy safety ... See full document

... Many economists argue that the effects of China’s currency policy on the U.S. economy are complex. If the RMB is undervalued (as many contend), then it might be viewed as an indirect export subsidy which artificially ... See full document

... The major conclusion drawn from my study was not surprising; I found a strong relationship between scheme returns and index returns but a weak correlation between the two main variables under study. However, we can ... See full document

... the losers by whether the winner of the tournament was an internal or external ...external winners, but the coefficients are not statistically different from each ... See full document