Recent empirical evidence has suggested that the Japanese mutual fund industry has under-performed dramatically over the past two decades. Conjectured reasons for underperformance range from tax-dilution effects to high fees, high turnover and poor asset management. In this paper, we show that...

Two measures of informational efficiency are applied to the market for paintings. The first is a measure of market efficiency as captured by serial dependency in returns. The serial correlation in an index of art returns suggests the possibility of persistent trends in the art market, however...