This study applies an innovative return-based approach to determine the style-shifting activity of mutual funds. Based on daily returns, we measure style-shifting activity as inter-quarterly changes in the style exposures of a fund. In order to test the robustness of style-shifting activity we...

This study introduces an innovative approach to measuring the “style-shifting activity” (SSA) of mutual funds using daily returns. Applying our new measure to a comprehensive sample of 2631 active US equity mutual funds, we show (i) that SSA predicts future performance, especially for...

Our study analyzes the performance of hybrid mutual funds. Based on two extended Carhart models we determine total fund performance by comparing fund returns to investable fund-specific style benchmarks. Using daily returns and a quarterly measurement interval, we present an innovative...

In this article, we introduce a new return-based measure of active portfolio management, i.e. country-shifting activity, which determines changes in the country exposures of funds. We relate country-shifting activity to the popular activity measure “tracking error” and compare the abilities...

The most advanced thermal energy storage for solar thermal power plants is a two-tank storage system where the heat transfer fluid (HTF) also serves as storage medium. This concept was successfully demonstrated in a commercial trough plant (13.8 MWe SEGS I plant; 120 MWht storage capacity) and a...