We examine the relation of active equity fund managers' location proximity to a stock's headquarter and fund managers' stock selection skill and investment behaviour using a representative sample of Australian institutional equity funds. Contrary to the findings of much international research,...

We examine the performance and portfolio characteristics of actively managed equity funds impacted by top management turnover. Utilizing a unique database of monthly portfolio holdings, our study finds that, post-replacement, previously poor performing funds experience improved returns. However,...

The purpose of this paper is to investigate the economic and statistical significance of Polish stock return predictability in the period 1997-2003. Using monthly data, the analysis is performed on 48 most liquid Polish stocks that are grouped into five equal-weighted sector portfolios. We focus...

This paper analyses the international equity holdings of a large panel of UK pension funds. We find considerable evidence of market timing activity, as illustrated by the funds' decision to scale back their investments in the US stock market during the 1990s. To explain this we model portfolio...

The present study proposes to examine the link between the organisational policies of the investment management companies and the performance of the managed funds. This study is based on about fifteen exploratory talks organized with persons in charge of investment management companies, and on...