This paper investigates investor disagreement and clientele effects in performance evaluation by developing a measure that considers the best potential clienteles of mutual funds. In an incomplete market under law-of-one-price and no-good-deal conditions, we obtain an upper bound on admissible...

This paper analyzes whether or not investors who utilize financial advisors/brokers are systematically directed to mutual fund investments that have lower quality governance. By utilizing the Morningstar Stewardship Grades and analyzing the Board Quality, Managerial Incentive, Fee Rating, and...

The main purpose of the study is to reveal how accurate Sharpe's style analysis model is in the context of the analysis of funds of hedge funds. Therefore, we analyse the influence of the three parameters of a style analysis model, which are defined by the user: the number of indices which are...

This paper investigates the purchases and redemptions of a large cross-sectional sample of German equity funds. We find that investors punish bad performance by selling their shares, but also have a tendency to sell winners. Investors in large fund families show higher sales and redemption...

Chapter 1 - Estimating Determinants of a Mutual Fund's Risk and Managerial Performance: In this chapter, we construct a framework that can be used by investors to independently estimate a mutual fund's actual and policy weights in a set of predefined asset classes, and to estimate a mutual...