Kempf, Alexander; Pütz, Alexander; Sonnenburg, Florian - 2012
underperform non-duality managers. This underperformance results from duality funds in the bottom performance quintile. This … suggests that duality managers can avoid being laid off despite their bad performance. Consistent with this lower risk of … investment styles which lead to more extreme performance outcomes. Only about one fifth of the nonduality managers invest as …