No study has explored the relationship among gender differences, human capital, and investment performance. This article is the first to answer the question, “Do female fund managers outperform male ones in fund performance given the same amount of human capital inputs?” Forty-two stock fund managers in Taiwan, 11 females and 31 males, were the subjects of this research. The research period for...

We analyze the relation between the location of a pension fund in its network and the investment performance, risk taking, and flows of the fund. Our approach analyzes the centrality of the fund’s management company by examining the number of connections it has with other management companies through their commonality in managing for the same fund sponsors or through the same fund consultants. ...

Several studies measuring the flow of monies into and out of U.S. mutual funds note a convexity in the performance-flow relation and offer several explanations for the apparent investor insensitivity to poor performance. In this study investor response to past performance is measured in a different setting: the Australian wholesale funds market. The results confirm that, like the U.S. mutual fu...

This paper examines persistence over time in the performance of fund managers responsible for making the investment decisions of UK pension funds. Previous work on UK pension funds found little evidence of fund manager persistence, but we argue that this may have been due to survivorship bias in the construction of these data samples, which may have disguised true persistence. Using a large sam...

The concept of the gamma of a …nanced return as the highest level of stress that a return distribution can withstand is introduced. Stress is measured by positive expectation under a concave distortion of the return distribution accessed. Four distortions introduced in Cherny and Madan (2008) are employed in studying the distribution of returns available in the hedge fund universe. It is shown ...