Due to a lack of data availability, numerous empirical studies on mutual fund flows (e.g. Sirri/Tufano (1998)) analyze synthetically derived flow measures. We show how good these measures can explain actual flows. We compare the measures suggested in the literature with the actual net-flows of...

Participation banks have been operating as a third kind of banks as well as deposit banks and development/investment banks in Turkish Banking System since 1985. Participation banks are operating according to Islamic principles. Therefore, they do not use interest in collecting and utilizing...

We examine the trading skill of hedge funds using transaction-level data. After accounting for trading commissions, we find no evidence that the trades of the average hedge fund outperform across holding periods ranging from one month to one year. However, bootstrap simulations indicate that the...

In this paper, we rationalize the persistent abnormal performance of hedge funds. We show how the commitment to deliver an absolute return, the decreasing returns to scale to which hedge fund strategies are subject, and the performance-linked compensation combine with the incomeaximizing...

We assess the abilities and the role of buy-side analysts within mutual fund families by analyzing mutual funds managed by buy-side analysts from fourteen fund families. Buy-side analysts exhibit investment abilities by realizing positive style- and risk-adjusted returns. Analysts' skills have a...

The top 5 percent of actively managed U.S. equity mutual funds in 2012 had greater aggregate TNA than the remaining 95 percent of funds combined. This skewness in size has implications for mutual fund research: What is true of the average fund is not necessarily true of the average dollar. We...

This paper formally analyzes the biases related to self-reporting in hedge fund databases by matching the quarterly equity holdings of a complete list of 13F-filing hedge fund companies to the union of five major commercial databases of self-reporting hedge funds between 1980 and 2008. We find...

Over the last few years, Dubai as a leader among the financial centers in the region, has showed signs of slow yet ongoing recovery. As part of setting a benchmark for other banks to follow in terms of financial stability, the Commercial Bank of Dubai (CBD) is analysed using financial statement...