While a mutual fund's investment style influences the returns it generates, little is known about how a manager's execution of the style decision affects portfolio performance. Using both returns- and holdings-based techniques to measure the consistency with which managers approach their...

While a mutual fund's investment style influences the returns it generates, little is known about how a manager's execution of the style decision might affect performance. Using multivariate techniques for measuring the consistency of a portfolio's investment mandate, we demonstrate that more...

The debate over the value of active portfolio management has often centered on whether the average active manager is capable of producing returns that exceed expectations. We argue that a more useful way to frame this issue is to focus on identifying those managers who are the most likely to...

This paper develops and tests the notion that postannouncement prices from stock and option markets can be used to infer both the probability of success and timing of an attempted takeover. Using a sample of 65 cash tender offers from January 1980 to July 1989, we demonstrate that the pattern of...

This paper develops and tests the notion that it is possible to use the post-announcement prices from the stock and option markets to infer both the probability of success and timing of an attempted takeover. Using a sample of 65 cash tender offers from the period January 1980 to July 1989, we...

We test the hypothesis that when their compensation is linked to relative performance, managers of investment portfolios likely to end up as quot;losersquot; will manipulate fund risk differently than those managing portfolios likely to be quot;winners.quot; An empirical investigation of the...