This paper investigates the reasons for the lack of long-term persistence in the investment performance of actively managed equity mutual funds. We document that the responses of investors, fund managers, and investment management companies to past performance affect future performance....

"This genesis for this book was a conversation back in 1980 at the McIntire School of Commerce between Tom Wheelen and Dave Hunger who were both professors of strategy. It was the core idea from the very beginning to emphasize the practical application of great research material, written in such...