management and governance that deserves the attention of researchers …

I analyze skill's role in active management under general equilibrium with many assets and costly trading. More … management in aggregate then corrects prices more, shrinking the profits those opportunities offer. The latter effect can … dominate in a setting consistent with numerous empirical properties of active management and stock returns …

that the law constrains managerial majority shareholders, both in their day-to-day management and when they redeem the …

We empirically analyze the nature of returns to scale in active mutual fund management. We find strong evidence of … avoid econometric biases are insignificant. We also find that the active management industry has become more skilled over …