This paper uses stochastic dominance techniques to examine whether managerial skills vary across fund managers in European equity funds. The use of these techniques allows us to compare different investment alternatives in an uncertain setting under very simple assumptions regarding investor...

This paper analyzes the role played by pension plan governance structure in determining the power of the investor/decision maker to bargain with the management firm and how it impacts on plan fees and plan performance. The results show that fees decrease significantly and before- and after-fee...

This paper examines the impact of trading activity on the Favourite-Longshot Bias (FLB) in tennis Betting Exchanges, using direct measures such as betting volume, average bet or standard deviation of the odds. According to predictions based on Disagreement Models, odds mispricing is positively...

This paper examines the role of investor type in the pension plan fees structure, using a dataset consisting of two classes of Spanish defined-contribution private pension funds: employer-sponsored and individual. The Spanish case has two interesting characteristics. One is that heavy of...

The impact of a switch of management company on pension plan fees is analyzed by comparing the effects on employer-sponsored versus individual defined-contribution private pension plans in Spain. This framework is ideal because the two types differ significantly both in plan governance structure...

We test for the existence of Favorite-Longshot Bias (FLB) in tennis betting exchanges. Despite these being order-driven markets, with no direct participation from bookmakers, we have found very similar results to those obtained by Lahvicka (2014) for betting markets: the bias is stronger in...

We analyse the impact of default probability in four leading Latin American stock markets (Argentina, Brazil, Chile and Mexico). We find no positive default risk premium except in the case of Brazil, and in fact find a negative risk premium for Argentina and Mexico. The latter effect tends to...

This paper presents evidence of the impact of overconfidence bias in asset prices drawn from a study based on data from tennis betting exchanges. A series of betting strategies in tournaments with a clear-cut favorite are shown to yield significant economic returns. The impact of overconfidence...