A frequent comment is that investment funds with a nonnormal return distribution cannot be
adequately evaluated by using the classic Sharpe ratio. Research on hedge fund data that …

A survey was conducted of New Zealand personnel consultants. Their beliefs about the
validity of various selection tools and their claimed usage of these tools was then compared …

The value of a typical incentive fee-one that does not penalize the manager for
underperformance-may be calculated by treating the fee as if thze manager had a call option …

The recent introduction into the Italian mutual fund market of Morningstar performance rating
of private institutions gives rise to the question of what is the relation between this relative …

This study shows real estate investment trusts'(REITs) characteristics and compensation
incentives vary with compensation method. Formula-based compensation encourages …

The suitable choice of a benchmark portfolio is a critical problem prior to using the
information ratio, as the performance ranking of funds depends on this choice. In this paper …

Do even carefully crafted portfolios run themselves? They do not. Investment managers are
not architects, who erect an edifice then leave its denizens to their own devices. Instead …

Farm investment is required for productivity, efficiency and profitability, but the need-impact
relationships are quite complex because of the uncertainties of weather, biological product …

Over the past two decades, plan sponsors have focused on past performance data when
selecting investment managers. A high ranking in the investment management universe …

Institutional equity portfolios are typically constructed via taking expected stock returns and
then applying the computationally expensive processes of covariance matrix estimation and …