leaders, contemporaneously herding managers, and followers. I find evidence of a persistent group of funds whose trades lead … the aggregate trades of the mutual fund industry; these leader funds exhibit strong subsequent performance, consistent …

This paper investigates investor disagreement and clientele effects in performance evaluation by developing a measure …-good-deal conditions, we obtain an upper bound on admissible performance measures that identifies the most favorable alpha. Empirically, we … find that a reasonable investor disagreement leads to generally positive performance for the best clienteles. Performance …

We compare the stock return forecasting performance of alternative payout yields. The net payout yield produces more …