Suppose funds managers are differentiated by intrinsic or innate ability at some origin point in time. Using formal theoretical propositions, and with risk continuously increasing, the continuum of assets available to funds managers is endogenously segmented into continuums of `safe', and...

Whereas risk tolerance is an important parameter of financial intermediation in markets for mutual funds, formal theoretical predictions show funds managers' choices of portfolio risk tolerances can be induced in entirety by wealth considerations. An important implication of this finding is the...

This study provides formal theoretical evidence that constructions of fund alpha that are implemented using robust specifications of asset pricing models generate alpha estimates that are well defined. Regardless, the formal theoretical model shows fund alphas that are constructed with the...

This study examines the extent to which reputation constructs proposed in NAH (Nahata 2008) or OBH (Obrimah 2016a) exhibit uniqueness properties expected to be characteristic of reputation constructs. Empirical results provide evidence of concave (non-unique) relations between reputation...