Defined-contribution plans represent a major organizational form for investors´ retirement savings. Today more than one third of all workers are enrolled in 401K plans.(...)

Berk and Green (2004) have made a strong theoretical argument for why past performance should not predict future performance. There are two possible economic explanations that are consistent with their model: increasing expenses or increase in size following good performance along with...

Despite the size and importance of separately managed accounts and collective investment trusts, their characteristics and performance have not been previously studied in the financial economics literature. In this paper, we show that, using the Fama-French-Carhart 4-factor model, on average...

In this paper we use data on the monthly holdings for a set of mutual funds to study the timing ability of these funds. These data differ from holdings data used in previous studies in that our holdings data have a higher frequency and include a full range of securities (e.g., options, bonds and...