First established during the 1830's, the Enskilda banks were characterized by unlimited owner liability and the right to issue bank notes. Consequently, in Swedish banking history, these banks have been considered to be primitive relics. This paper utilizes new data to revise this picture of the...

In this paper, I obtain new measures of the value of active portfolio management by forming replicating portfolios. These measures allow for a separate evaluation of fund managers' strategic and tactical decisions. I also obtain new evidence on the value of trading by decomposing it into...