This paper studies investor disagreement in the performance evaluation of equity mutual funds by comparing two existing approaches and estimating its relations with fund characteristics, active management level and fund flows. We find that investors disagree more about the performance of funds...

Mutual funds in the same category compete in a series of annual tournaments for a place at the top of year-end performance-based rankings. One effect implies that losing funds increase their risk more than winning funds, hoping to climb in the rankings. Another effect involves a rational...

This paper investigates to what extent the U.S. presidential cycle can spillover across borders and affect the actions of global investors. Using data from 2000 to 2022 on G10 countries, we show that, on average, the annualized equity premium is 6.1% higher and the net monthly percentage equity...