The article aims at verifying the occurrence of performance persistence phenomenon among equity funds in the Czech Republic. The study uses the most popular measures of return mentioned in financial academic publications. Moreover, a relatively long time horizon, lasting from the beginning of...

This study examines the extent to which fund characteristics contributes to explaining fund returns differentiated by managers´ stock picking and market timing abilities. The findings show that funds characterized by high exposures to broad market movements have good timing returns but show...

The contemporary crisis has brought into attention the hedge funds activity, with respect to high performance achieved levels, management techniques employed and high professionalism of the management. Being focused on higher returns to the market indices, hedge funds differ substantially to...

We analyze the effects of the observed increased share of delegated capital for trading strategies and equilibrium prices by introducing delegation into a standard Lucas exchange economy. In equilibrium, some investors trade on their own account, but others decide to delegate trading to...

Traditional risk management of hedge funds is often complicated by their lack of transparency. Consequently, plan sponsors traditionally rely on returns analysis to manage the risk of a portfolio of hedge funds. Such an approach involves some obvious difficulties, for example, returns data is...

The systematic failure of the global equity markets during the recent financial crisis made investors re-evaluate their portfolio constituents. It is argued that equities that comply with the Islamic investment principles perform better than conventional equities during the declining phase of...

We present evidence on the trading and performance impact of buy-side analysts. Using data provided by a large global asset manager, we relate buy-side analysts’ recommendations to fund transactions on a daily basis. We show that buy-side analysts significantly influence trading decisions:...

Given recent regulatory inquiries into the derivative-trading practices of mutual funds, we examine their detailed option holdings to assess how mutual funds employ options, what funds use options, and how that affects performance and risk. Mutual funds’ use of options appears consistent with...

Although mutual fund performance has been dissected from almost every angle, very little attention has been paid to the connection between the actual active decisions made by management and the subsequent performance outcomes. In this paper we use information on institutional mutual funds to...