Mutual fund managers can outperform the market by picking stocks or timing the market successfully. Previous work has … picking skills and little evidence of timing skills among successful managers. This paper estimates skill separately in booms … and recessions and finds that the extent to which managers focus on stock picking or market timing fluctuates with the …

30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst … its mutual fund managers. We find no evidence of a similar effect when a firm hires managers from another firm. We …

The question of whether and how mutual fund managers provide valuable services for their clients motivates one of the … evidence that some investment managers have skill and that attention is allocated rationally …

consistent with this simple explanation. In the model, investments with active managers do not outperform passive benchmarks … active managers. The lack of persistence in active manager returns does not imply that differential ability across managers … and survivorship rates, we find these features of the data are consistent with the vast majority (80%) of active managers …