Active fund managers are skilled and, on average, have used their skill to generate about $3.2 million per year. Large … investing more capital in funds managed by better managers. These funds earn higher aggregate fees, and a strong positive …

This study provides formal theoretical evidence that constructions of fund alpha that are implemented using robust … specifications of asset pricing models generate alpha estimates that are well defined. Regardless, the formal theoretical model shows …. This is evident in the formally derived theoretical prediction that long positions in all zero alpha funds have feasibility …

-skill managers outperform their low-skill peers in the following month in terms of raw returns and alphas. This outperformance is …

management, and cash holdings. We find that over one-third of AMMFs take an ETF position between 2004 and 2015. Our results …

and institutional fund management markets. We find evidence of a contemporaneous relation between flow and market return …

terms of Carhart's four-factor alpha (liquidity-adjusted five-factor alpha). The fund outperformance becomes more pronounced …