methodology to measure crowded trades and apply it to professional currency managers. Our results suggest that carry became a … very relevant for investors, managers and regulators …

Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees indexed …

Greater skill of active investment managers can mean less fee revenue in a general equilibrium. Although more …-skilled managers earn more revenue than less-skilled managers, greater skill for active managers overall can imply less revenue for … their industry. Greater skill allows managers to identify mispriced securities more accurately and thereby make better …

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 …