We apply the bootstrap technique proposed by Kosowski <italic>et al</italic>. [<italic>J. Finance</italic>, 2006, <bold>61</bold>, 2551--2595] in conjunction with Carhart's [<italic>J. Finance</italic>, 1997, <bold>52</bold>, 57--82] unconditional and Ferson and Schadt's [<italic>J. Finance</italic>, 1996, <bold>51</bold>, 425--461] conditional four-factor models of performance to examine whether...

In the last decade, neural networks have emerged from an esoteric instrument in academic research to a rather common tool assisting auditors, investors, portfolio managers and investment advisors in making critical financial decisions. It is apparent that a better understanding of the network's...