Taking a firm's competitive position into account benefits investors who are better at evaluating this qualitative information. I find that fund managers overweight companies with market power outperform their peers. Placebo exercises and an exogenous shock to product competition around the 9/11 terrorist attacks support finding. Managers larger bets on more experienced long-term oriented. They...

We find that fund managers who began their careers during recessions produce superior returns. This performance is not unconditional, as they exhibit better market timing than non-recession counterparts in recessions, but do demonstrate stock picking booms. Exploring managers' portfolio choices across years, we recession tilt investments towards defensive, rather cyclical, industries and before...

This study analyzes the financial performance of mutual fund on account risk adjusted evaluation techniques: Sharpe's ratio. incorporates examination effect market index return, Treasury bill rate and systematic performance. As in ratio, return is taken as dependent variables; other hand, are predictor variables. Findings imply that funds Nepal have not satisfactory based Likewise, further expo...

Newspapers and weekly magazines catering to the investing crowd often rank funds according to the returns generated in the past. Aside from satisfying sheer curiosity, these numbers are probably also the basis on which investors pick a fund to invest in. In this article, we fully characterize the equilibrium in a game between a mutual fund manager of unknown ability who controls the riskiness o...