The present study examines a series of performance measures as an attempt to resolve the ex post verification problem. These measures are employed to test the performance persistence hypothesis of domestic equity funds in Greece, during the period 1998-2004. Correctly adjusting for risk factors...

This study examines the existence of herding effects in the US REIT market, constructing a survivorship-bias-free dataset of daily returns during the period January 2004–December 2011. Apart from documenting the existence of herding behavior by conducting comprehensive tests, we also explore...

The present study shows that failing to adjust for known risk factors in measuring fund performance can lead to spurious results in testing the persistence hypothesis. We support this argument by providing evidence from the Greek fund industry, examining also the performance persistence in this...

This study examines the expense ratio policy of Greek equity funds operating in a small emerging market with an oligopolistic, bank-dominated financial system. Constructing a unique dataset of non-publicly available expense ratios charged by these funds, we examine the impact these expenses have...