Active fund managers are skilled and, on average, have used their skill to generate about $3.2 million per year. Large cross-sectional differences in skill persist for as long as ten years. Investors recognize this skill and reward it by investing more capital in funds managed by better...

<p>Despite the crucial importance of high quality reviewing for the scientific process, new scholars often learn how to do this based on casual advice and trial-and-error learning. We offer a checklist that helps referees systematically develop high quality referee reports and avoid some of the...</p>

Historically, the literature on money management has not consistently applied the rational expectations equilibrium concept. We explain why and summarize developments in the money management literature that do apply this concept correctly. We demonstrate that the rational expectations...

We model a market for a skill in short supply and high demand, where the presence of charlatans (professionals who sell a service they do not deliver on) is an equilibrium outcome. Under a set of plausible assumptions, reducing the number of charlatans through regulation lowers consumer surplus...