Lóránth, Gyöngyi; Sciubba, Emanuela - Birkbeck, Department of Economics, Mathematics & Statistics - 2006
evaluated on the basis of relative performance within a dynamic model. Recent theoretical literature has pointed to the … inefficiencies in portfolio selection caused by relative performance evaluation of fund managers. We find that the on-going process … inefficiencies. Hence the transitory market structure that characterises the mutual fund industry could explain why relative …