Cullen, Grant; Gasbarro, Dominic; Monroe, Gary S. - In: Journal of Banking & Finance 34 (2010) 2, pp. 378-387
We investigate the performance of mutual funds that trade using private information. These funds are uniquely identified from a set of 2730 funds with 44,315 fund-periods between 1994 and 2005. We compare the alignment of fund trades with brokers' recommendations, which we regard as "public...