Lan, Chunhua; Moneta, Fabio; Wermers, Russ - 2018
and manager skill. Our HH measure identifies, in the cross-section, funds with higher future long-term alphas, while … superior long-term performance of long-horizon funds is due to their selection of stocks with strong long-run fundamentals …. Moreover, stocks largely held by long-horizon funds outperform stocks largely held by short-horizon funds by 2.7% − 3.5% per …