Our framework for evaluating and investing in mutual funds combines observed returns on funds and passive assets with prior beliefs that distinguish pricing-model inaccuracy from managerial skill. A fund's alpha' is defined using passive benchmarks. We show that returns on non-benchmark passive...

Our framework for evaluating and investing in mutual funds combines observed returns on funds and passive assets with prior beliefs that distinguish pricing-model inaccuracy from managerial skill. A fund's alpha' is defined using passive benchmarks. We show that returns on non-benchmark passive...

Nachhaltige Geldanlage (Triple Bottom Line Investing) und die verhaltensorientierte Sicht auf Finanz- und Kapitalmärkte (Behavioral Finance) fanden bei Finanzdienstleistern bislang erst eine begrenzte Aufmerksamkeit. Durch die aktuellen Umbruchprozesse der Branche gewinnen beide Themenfelder...