Purpose–Italian real estate mutual funds have shown enormous growth over the past few
years, however, little is known about their performance. The purpose of this paper is to …

Most prior research concluded that investors have no ability to predict bond mutual fund
returns. This article's research suggests that on an absolute level of return and on a relative …

This paper derives a quantitative means for determining the highest expense ratio a
particular mutual fund can have such that its prospective inclusion in a portfolio is expected …

Abstract In July 2002, Morningstar unveiled a revised star-rating system designed to
eliminate the style-based bias of the old system. The new system includes two innovations …

The universe of economic agents cannot deliver an excess investment rate of return. High
expenses impede and impair the objective of wealth creation, thereby reducing the …

Previous studies disagree as to whether bond fund returns can be predicted. These
differences in conclusions are likely due to differences in the samples. This study examines …

There is a reduced probability that bond mutual funds can generate economic returns that
outpace bond market benchmarks. Given the relatively narrow range of outcomes …

This study describes the structure of nonqualified tax-deferred annuities and examines when
they are in the best interest of individual investors as savings vehicles. It concludes that …

Beating the market is a zero-sum game. After the deduction of investment management
costs, investors collectively underperform market averages. Since investors are unlikely to …

Securities law regulations and the efficiency of money markets combine to render money
market mutual funds as commodities, resulting in similar rates of return. Costs are the …