This study re-visits the question of benchmark mismatch among 1281 US equity mutual funds and its impact on benchmark-adjusted fund performance and ranking. All funds report S&P500 index as a prospectus benchmark, yet 2/3 of those are placed in the Morningstar category with risk and objectives...

In an effort to provide a set of reasonable expectations for stock market performance during 2011, we present results of two simple econometric exercises. Our starting point is the recent trough of economic activity which took place in June of 2009, according to the NBER. This means 2011...

This paper assesses the relationship between risk-shifting of mutual funds, measured as benchmark-adjusted factor-based investment style change following a structural break, and their risk-adjusted performance. We isolate only the breaks in style risk beyond those embedded in the funds’...