We rank the 64 companies operating in 2010 in the Pension Fund Industry in Spain using data from 1990 to 2010 for the existing individual mutual funds. The best companies according to the ranking were Bestinver, Mutua Madrilena and Merchbanc. The worst, according to the ranking, were Caja...

We rank the 79 companies operating in 2010 in the Mutual Fund Industry in Spain using data from 1991 to 2010 for the 2,285 existing mutual funds with more than a year of history. The best companies according to the ranking were: Bestinver, Profit and Metagestion. The worst, according to the...

The Market Portfolio is not an efficient portfolio. There are many evidences that tell us that: the equal weighted indexes have beaten their market-value weighted indexes for many years, many easy-to-build portfolios (some “smart-beta”, “multifactors”) have beaten market-value weighted...

We rank the 61 companies operating in 2009 in the Pension Fund Industry in Spain using data from 1994 to 2009 for the 1,393 existing individual mutual funds. The best companies according to the ranking were: Bestinver, Caja Manresa, Cajasur, Merchbanc and Ibercaja. The worst, according to the...

We rank the 88 companies operating in 2009 in the Mutual Fund Industry in Spain using data from 1994 to 2009 for the 2,586 existing mutual funds. The best companies according to the ranking were: Bestinver, Metagestion and Mutua Madrilena. The worst, according to the ranking: Caja Ingenieros,...

In this paper, I extend the results of Moskowitz and Vissing-Jørgensen (2002) on the returns to entrepreneurial investments in the United States. First, following the authors' methodology I replicate the original findings from the Survey of Consumer Finances (SCF) for the period 1989 - 1998 and...

In establishing the foundation of their investment process, global equity investors typically adopt a framework along geographic and/or industry dimensions. The chosen framework is then applied to the whole investment process including alpha generation, portfolio construction, and risk...

Optimal investment of firms implies that expected stock returns are tied with the expected marginal benefit of investment divided by the marginal cost of investment. Winners have higher expected growth and expected marginal productivity (two major components of the marginal benefit of...

We offer an investment-based interpretation of price and earnings momentum. The neoclassical theory of investment implies that expected stock returns are tied with the expected marginal benefit of investment divided by the marginal cost of investment. Winners have higher expected growth and...

This paper examines the effects of liquidity on the stock and portfolio risk measure by Value at Risk (VaR). Using daily stock returns and firm market capitalization, empirical calculation of VaR that confirmed not yet succeeded to prove pattern of relations between risk and liquidity both...