This paper studies the real mutual fund performance accounting for the presences of lucky funds. We quantify the impact of luck with an innovative measure built on False Discovery Rate (FDR). These FDR measures compute the number and the proportion of fund with truly positive and negative...

We explore the link between momentum and retail investing via an identification strategy in China, where retail investors dominate. We argue that due to a roundlot restriction, small retail investors are less likely to hold and trade stocks with high nominal prices, and find supporting evidence....