Berk and Green (2004) have made a strong theoretical argument for why past performance should not predict future performance. There are two possible economic explanations that are consistent with their model: increasing expenses or increase in size following good performance along with...

Despite the size and importance of separately managed accounts and collective investment trusts, their characteristics and performance have not been previously studied in the financial economics literature. In this paper, we show that, using the Fama-French-Carhart 4-factor model, on average...