We provide new empirical evidence suggesting that the marginal investor in mutual funds behaves differently across market conditions. If the marginal investor allocates capital across mutual funds rationally, then the relative performance of funds should be unpredictable. We find however that...

This paper develops a diagnostic tool for candidate performance measures that accounts for investor disagreement in mutual funds. We compare the evaluation for best clienteles, specified by an upper admissible performance bound, to the one for representative investors implicit in twelve models....

We link dividends with profits and good corporate governance. However, do dividends provide other information? Are they useful in identifying the economic cycle? And if so, how might one use that information as to gain an edge when investing in the stock market? We study in details different...