We propose a new definition of skill as a general cognitive ability to either pick stocks or time the market at different times. We find evidence for stock picking in booms and for market timing in recessions. Moreover, the same fund managers that pick stocks well in expansions also time the...

Mutual fund managers can outperform the market by picking stocks or timing the market successfully. Previous work has estimated picking and timing skill, assuming that each manager is endowed with a fixed amount of each and found some evidence of picking skills and little evidence of timing...

This study has made an attempt to measure competition in the Indian mutual fund industry. The preliminary observation shows that there occurred a drastic change in the industry after the liberalization. The entry of a large number of private and foreign mutual funds, (joint ventures both...

This paper shows how the combined endogenous reaction of banks and investment funds to an exogenous shock can amplify or dampen losses to the financial system compared to results from single-sector stress testing models. We build a new model of contagion propagation using a very large and...

Chapter 1. Introduction -- Chapter 2. Ethics in Finance: Definition -- Chapter 3. The ESG World -- Chapter 4. The Fight Against Money Laundering and Tax Evasion -- Chapter 5. The Fight Against Usury -- Chapter 6. Islamic Finance and Microcredit -- Chapter 7. The Rescue of Banks in Crisis --...

This text explores the current state of the art in quantitative investment management across seven key areas. Chapters by academics and practitioners working in leading investment management organizations bring together major theoretical and practical aspects of the field.

Frontmatter -- About the Authors -- Contents -- List of Figures -- List of Tables -- Preface -- Part I: Introduction to Finance, Money and Interest Rates, and Time Value of Money -- 1 Introduction to Finance -- 2 Money and Interest Rates -- 3 Time Value of Money -- Part II: Investments and...