We propose the outperformance probability as a new performance measure, which can be used in order to compare a strategy with a specified benchmark, and develop the basic statistical properties of its maximum-likelihood estimator in a Brownian-motion framework. The given results are used to...

The heavy reliance of Australian superannuation funds on service providers enables these entities to play an important role in fund operations and have a significant influence on the costs and investment performance of superannuation funds. The use of service providers creates a nexus of...