The SRI funds performances remain inconclusive. Hence, more studies need to be conducted to determine if SRI funds systematically underperform or outperform conventional funds. This paper has employed dynamic mean-variance model using shortage function approach to evaluate the performance of SRI...

In this paper sport data are used to study the effects of manager replacement on firm performance. Using match results of the major Italian soccer league (“Serie A”) we analyze the effects of coach (manager) changes in terms of team performance. From our preliminary estimates, including year...

This article is one of the first surveys on the turnover of senior managers in privatized enterprises in Russia. Its basic premise is that a radical change in the managing teams of these enterprises was necessary in the 1990s in order to enhance their restructuring and improve their performance....

Mutual fund investors are concerned with the selection of the best fund in terms of performance among the set of alternative funds. This paper proposes an innovative mutual funds performance evaluation measure in the context of multicriteria decision making. We implement a multicriteria...

Using estimated CAPM-models portfolio risks of Russian mutual funds are analyzed. Two questions are considered: how did mutual funds portfolio risks change during the crisis and postcrisis periods; did portfolio managers successfully fit the portfolio structure depending on market conditions?...

This paper tests the hypothesis that portfolio diversification can increase the threat of systemic financial risk. The paper provides first a theoretical rationale for the possibility that systemic risk may be increased by the proliferation of financial instruments that lead operators to hold...

Mutual fund manager excess performance should be measured relative to their self-reported benchmark rather than the return of a passive portfolio with the same risk characteristics. Ignoring the self-reported benchmark introduces biases in the measurement of stock selection and timing components...

This paper investigates the reasons for the lack of long-term persistence in the investment performance of actively managed equity mutual funds. We document that the responses of investors, fund managers, and investment management companies to past performance have an important impact on future...

This paper analyzes the political disputes and legal contentions occasioned by the process of regulatory reform undergone by Romanian mutual fund industry. Stirred by Romania’s accession into the European Union in 2007 and prompted by the numerous financial scandals affecting the market right...

According to Islamic principles for investments in stocks, market price per share should be greater than net liquid assets per share. It may suggest that this principle restricts investments in the stock of liquid companies. Creditors prefer a favorable Current and Quick ratio but shareholders...