We examine the efficacy of exchange queries in assisting to explain anomalous trading behaviour in a timely manner. Most equity markets rely on continuous disclosure rules to motivate corporations to immediately disclose sensitive information that can affect trading. Queries allow exchanges to...

We examine the relation between cross-sectional stock return dispersion and active fund performance in Australia, drawing on the concept that higher return dispersion provides greater opportunity for skilled managers to generate value. In contrast with findings using US data that outperformance...

Effective incorporation of socially responsible investing (SRI) into student-managed investment fund (SMIF) programs is discussed in the context of a case study. The experience of the example SMIF suggests some techniques to enhance the learning experience. These include: students developing...

We examine the relative forecast accuracy of expected returns for individual stocks sourced from analyst target prices, earnings per share estimates, management forecasts, earnings yields, stock yields, historical averages and the random walk model. In doing so, we avoid the use of predictive...

We distinguish luck from skill in fund portfolios of differing activeness by applying bootstrap simulations. Bootstrapping is important as heterogeneous risk taking according to the activeness of a fund's strategies can bias standard significance tests, causing non-normalities in the...

Active opportunity in the market, measured by cross-sectional dispersion in stock returns, significantly influences fund performance. Active strategies have the greatest impact on returns during periods of high dispersion, when alpha produced by the most active funds significantly exceeds that...