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...

Using a novel measure of stock-level trade imitation, we uncover "smart" copycats: fund managers that use their own information when beneficial, and otherwise imitate other managers' better trades. Contrary to previous research, we find that these partial imitation strategies lead to...