“inflated” call language by managers more completely than naïve investors. The incomplete stock price reaction by naïve … also suggests that managers are unable to maintain prolonged overvaluation of their stock by striking an overly optimistic …

The on-going debate over whether fund managers have skills and whether those skills are short-lived is still … literature in two folds. First, managers ranked highest on MPPM in the current quarter earn largest fee-adjusted fund returns in … the following quarter. Those managers hold younger, smaller, lower book-to-market, and momentum stocks. Second, taking …