Background: We investigate whether the success of contrarian investment strategies can be attributed to differences in the relative illiquidity of stocks categorized as value investments versus those categorized as glamour portfolios. Methods: Following Lakonishok et al. (J Financ...

In this paper we examine the link between income inequality and financial overconfidence. Using data from the FINRA Foundation’s National Financial Capability Study we measure respondents’ self-perceived and actual investment knowledge and thus identify overconfident individuals. We also...

This paper represents the first specific attempt in the literature to examine the relationship between active share and emerging market equity fund performance. Using a sample of U.S. based diversified emerging market equity funds whose prospectus benchmark is the MSCI emerging market equity...

This paper examines the relationship between mutual fund governance and the activeness of equity mutual funds. Using a fund's corporate culture as a proxy for its governance and controlling for other variables, we find that funds with the better governance are significantly more active than...

Closet indexing is the practice of staying close to the benchmark index while still maintaining to be an active mutual fund manager and probably also charging fees similar to those of truly active managers. Recent work shows active mutual fund managers were much more likely to closet index...

There are several reasons why mutual fund corporate culture should predict fund performance. First, at funds with excellent corporate cultures, employees are recognized for their contributions and are involved in decision making. This usually translates into employees working harder, being more...

Some active mutual funds are more active than others. Indeed, research has found that many so-called active funds are not nearly as active as they appear as they hold a portfolio that can be quite similar to their benchmark index. Furthermore it has generally been found that funds who are...

This paper represents the first attempt to empirically examine the relationship between Chief Executive Officer (CEO) educational background and firm financial performance. Using a relatively broad sample of 390 US firms, we find no significant evidence that the type or selectivity of the...

This paper represents the first attempt in the literature to specifically and solely examine the relationship between active share and emerging market equity fund performance. To do this we use a sample of U.S.-based actively managed diversified emerging market equity funds that we follow for...