Mutual fund performance: an empirical decomposition into stock-picking talent, style, transactions costs, and expenses

Article Abstract:

A comprehensive analysis of the mutual fund industry utilizing a new database is presented. Findings include a discrepancy between fund performance and market performance that is positive for the stocks themselves but negative for the funds' net results. The overall results difference is 2.3 percent of which 0;7 percent is due to underperformance of non-stock holdings and the remainder to expenses and transaction costs. Funds are found to chose stocks that cover their costs, and the funds with highest turnover outperform the Vanguard Index 500 on a net return basis, indicating that active mutual fund management is beneficial. Specific fund returns are decomposed into their components by merging holdings databases with net returns databases to create new research tools. Appendices and statistical tables are included.

Forecasts, trends, outlooks, Analysis, Usage, Mutual funds, Databases

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Dividend taxes and share prices: evidence from real estate investment trusts

Article Abstract:

There is a positive correlation between tax basis and firm valuation for real estate investment trusts.

Real estate investment trusts, Real Estate Invest Trusts, Industry Overview, Corporate taxes, Influence

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The value spread

Article Abstract:

The determination of corporate book-to-market ratios is discussed.

World, Venture Analysis, Risk assessment, Business enterprises

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