This article examines whether long-term fund alphas come from manager skill or luck. Using
a group of bootstrapped winner funds as the benchmark, we compared the actual winner …

This study examines whether fund alpha exists and whether it comes from manager skill. We
found that the probability and the value of fund alpha vary depending on market states and …

Several studies have found that considerable persistence exists in mutual fund performance.
We study this phenomenon in fund managers who achieve superior performance, after …

Purpose–The purpose of this paper is to examine managerial skill of US equity mutual funds
in the context of both abnormal return and risk. Design/methodology/approach–The authors …

This paper examines the sources of long-term negative fund alpha. We compare the actual
loser funds with a control group of bootstrapped loser funds. We find that the returns of the …

This paper develops a simple technique that controls for “false discoveries,” or mutual funds
that exhibit significant alphas by luck alone. Our approach precisely separates funds into (1) …

Performance persistence in mutual funds has been extensively analyzed by researchers
since the first studies by Sharpe (1966) and Jensen (1968). This phenomenon refers to the …

This article examined the performance persistence of 12083 open-end funds using a large
survivorship bias-free sample from Wiesenberger InvestmentView. The methodology that we …

Similar to previous studies, we investigate the relation between past and future fund
performance. However, we deviate from previous studies by investigating the relation …

This study examines the performance persistence of Chinese equity securities investment
funds during the period between May 2003 and May 2014. We apply the recursive portfolio …