Using a survivorship bias-free dataset set of over 4,300 U.S. equity and international equity funds for the period 2000-2018, we examine whether funds chosen based on various fund characteristics in a given year can yield superior performance the following year. We find that a portfolio of funds...

From a database that is relatively free of bias, this article provides measures of the returns of hedge funds and of the distinctly nonnormal characteristics of the data. The results include risk-adjusted measures of performance and tests of the degree to which hedge funds live up to their claim...

The principal explanations in the existing economics literature for the formation of concentrated markets are intellectual property-related entry barriers, economies of scale, and network effects. In each of these explanations, a few firms have an inherent advantage, allowing them to maintain...

In order to have recoverable damages in a Rule 10b-5 action, plaintiffs must establish loss causation, i.e. that the actionable misconduct was the cause of economic losses to the plaintiffs. The requirement of loss causation has come to the fore as the result of the Supreme Court's landmark...

This paper addresses one of the key issues – the foreseeability of the housing market downturn that began in September of 2007 and intensified in the fourth quarter of 2007 – that must be addressed in assessing the extensive securities class action litigation that has been filed against...