Two glaring anomalies in investment management are apparent:(1) after fees, active
portfolio managers do worse than market indices, and (2) clients continue to pay for services …

We examine how mutual fund ability varies across up and down market conditions by
exploring the Upside and Downside Capture Ratios. We find convincing evidence that …

Each year, hundreds of billions of dollars are moved from one investment manager to
another. Frequently, these decisions are based on relative performance measurements over …

In this paper, we strove to provide evidence about the alleged structural changes in the US
equity markets that have dramatically reduced the potential for stock picking strategies to …