Mutual fund manager excess performance should be measured relative to their self-reported benchmark rather than the return of a passive portfolio with the same risk characteristics. Ignoring the self-reported benchmark results in different measurement of stock selection and timing components of...

We investigate the performance of the German equity mutual fund industry over 20years (monthly data 1990–2009) using the false discovery rate (FDR) to examine both model selection and performance measurement. When using the Fama–French three factor (3F) model (with no market timing) we find...

Mutual fund manager excess performance should be measured relative to their self-reported benchmark rather than the return of a passive portfolio with the same risk characteristics. Ignoring the self-reported benchmark introduces biases in the measurement of stock selection and timing components...

The Market Timing theory of capital structure states that firms that go to the financial markets at the right time can permanently lower their debt ratios. For equity markets, Baker and Wurgler (2002) show that low leverage firms are those that had raised funds when their market valuations (i.e....

The Market Timing theory of capital structure states that firms that go to the financial markets at the right time can permanently lower their debt ratios. For equity markets, Baker and Wurgler (2002) show that low leverage firms are those that had raised funds when their market valuations (i.e....