Using a unique money manager database that allows managers to identify their own investment styles, we examine 4,754 non mutual fund value- and growth-oriented portfolios over the period 1999-2003. Consistent with style definitions, we find that on average, growth funds have price-earnings...

The main focus of this paper is to explore the potential econometric im-provements that can be achieved in estimating hedge fund returns. Specifically, we examine the effects of incorporating the following three adjustments to estimating managerial efficiency; (1) a selection bias adjustment...

In this paper, we investigate the impact of using different sell discipline criteria in the management of equity portfolios. We examine the differences among the sell discipline criteria with respect to the portfolio's risk-adjusted returns and downside risk. We use an institutional money...