We examine the relation between index mutual fund ownership and financial reporting
quality measured by the propensity for fraudulent statements (Beneish's (1999) M-Score) …

We create a simulated financial market and examine the effect of different levels of active
and passive investment on fundamental market efficiency. In our simulated market, active …

A distinctive trend in the capital markets over the past two decades is the rise in equity
ownership of passive financial institutions. We propose that this rise has a negative effect on …

This paper deals with the ongoing rise of index (passive) investing on the US large-cap
equity market and its manifestations. We have constituted two scenarios of the 1990–2021 …

This paper takes another look at the recommendation of Blitz [2012] to allocate strategically
to the value, momentum and low-volatility factor premiums in the equity market. Five years of …

Modern Portfolio Theory explores how risk-averse investors construct portfolios to optimize
expected returns against market risk and quantifies the benefits of diversification. Two …

We examine the relation between passive ownership and financial reporting quality
measured by Beneish's (1999) earnings' manipulation score (M-score). We find that passive …

This study explores the relationship between market volatility and momentum profitability.
This study indicates that market state volatility has significant power to forecast momentum …

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 …

For many years researchers have been arguing on whether active investing is superior to
passive investing by giving theoretical and empirical rationale underlying their beliefs. A …