managers manifests itself across different quantiles. These results have important implications for fund management companies …

We show that fund families allocate their fund managers to different market segments such that their skill is rewarded … she works. Even skilled managers can generate alpha only if the market segment is inefficient. Fund families take this … relation between skill and inefficiency into account and allocate their best managers to the least efficient market segment …

This paper uses stochastic dominance techniques to examine whether managerial skills vary across fund managers in …