We investigate the performance of a sample of German mutual equity funds over the period from 1994 to 2003. Our general finding is that mutual funds, on average, hardly produce excess returns relative to their benchmark that are large enough to cover their expenses. This conclusion is drawn from...

This paper investigates the relationships between management turnovers and fund performance, by using data for the German equity mutual funds in the period from 1994 to 2009. Evidence shows that the future performance of prior over-average performing funds (winner funds) declines in the first...

The on-going debate over whether fund managers have skills and whether those skills are short-lived is still inconclusive. Using the performance measure that can't be manipulated with respect to the underlying distribution, time variation, nor estimation error, (the manipulation-proof...