's beliefs about other funds. This will be true insofar as an investor's expectation about the performance of a fund is partly a … have a substantial impact on the cross-section of posterior beliefs about fund performance as well as asset allocation … dependence, investors aggregate information across funds to form a general belief about the potential for abnormal performance …

management. Consequently, past performance cannot be used to predict future returns, or to infer the average skill level of … is nonexistent or unrewarded, that gathering information about performance is socially wasteful, or that chasing … performance is pointless. A strong relationship between past performance and the ow of funds exists in our model, indeed this is …

differences in investment style contribute about 20 per cent of the cross sectional variability in hedge fund performance. This …

This paper evaluates persistence in the performance of institutional equity managers. We build on recent work on … conditional performance evaluation, using time-varying conditional expected returns and risk measures. We find evidence that the … investment performance of pension fund managers persists over time. A conditional approach is able to better detect this …