Poland has undergone a dramatic shift in its economy during the 1980s and early 1990s by essentially moving from a command to a free market orientation. To realize the full benefit of this shift, however, Poland will need to do everything possible to exploit its current national competitive...

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 evaluate manager skill based on the outperforming probability and cumulative distribution function of the...

Purpose: The purpose of this paper is to investigate whether firm efficiency can explain the investment anomaly. The investment anomaly refers to the persistent negative relation between firm growth and future risk-adjusted returns. When firms grow by investing heavily, the market often takes...