This study investigates how the quality of stocks owned by mutual funds affects the performance of those funds during 2000-2009. The quality of a stock is positively related to its size, while quality is inversely related to volatility. Evidently, stocks in the lowest quality decile perform...

There is considerable debate about the size of fees charged by superannuation funds. This paper investigates both investment fees and administration fees and shows that there are economically valid reasons why most investment fees are set at their current level. Our results show that on average,...

Cross-region and cross-sector asset allocation decisions are one of the most fundamental issues in international equity portfolio management. Equity returns exhibit higher volatilities and correlations, and lower expected returns, in bear markets compared to bull markets. However, static...