the analyses, Carhart's four-factor model is used as the benchmark for performance, and bootstrap procedures are applied …This article reports a study on the performance of mutual equity funds in Brazil from January 2002 to August 2012. For … their managers. For the bottom ranked funds, on the contrary, there is statistical evidence that their poor performance is …

relative to AP. Over the updated period (1975-2018), we further show that the performance of the FDR improves dramatically …