We find that the performance distribution of the individual stocks inside a mutual fund can toss out additional information about the fund manager's stock picking ability. When a mutual fund contains mostly mediocre-performing stocks but one super-performer, it is likely that the overall fund...

This paper tests asymmetric correlations in the variables that may influence stock returns. We find that corporate earnings, sales, and analyst forecasts have statistically significant asymmetric correlations, indicating that the variables have larger conditional betas during negative...