Fletcher, Jonathan; Marshall, Andrew - In: Journal of Financial Services Research 45 (2014) 1, pp. 67-89
We use the upper and lower bounds derived by Ferson and Lin (<CitationRef CitationID="CR25">2010</CitationRef>) to examine the impact of investor heterogeneity on the performance of U.K. investment trusts relative to alternative linear factor models. We find using the upper bounds that investor heterogeneity has an important impact for...</citationref>