INTRODUCTION In 2010, the Global Fund provided more than 75% of external international financing for malaria control. The Global Fund uses performance based funding in the grants it finances. This paper analyses the indicators used to measure the performance of Global Fund supported malaria grants in Asia. METHODS Indicators used in the performance frameworks for all Global Fund supported mal...

A number of research studies conclude that active US equity open-end mutual funds underperform on average and that overall manager skill is diminishing. This contrasts with other studies documenting systematic ways investors can identify managers who subsequently outperform. In this study, involving all active US equity mutual funds over the period February 1980 through February 2009 (resulting...

This paper tests the alternative hypotheses of investment selection skills versus overconfidence of fund managers among equity mutual funds in Taiwan. We find a positive relation between fund holdings’ concentration level and risk-adjusted fund performance in the bull market, but a negative relation in the bear markets. The time varying concentration-performance relation is not driven by the fu...

This paper uses a large sample containing the complete return histories of 2300 UK openended mutual funds over a 23-year period to measure fund performance. We find some evidence of underperformance on a risk-adjusted basis by the average fund manager, persistence of performance and the existence of a substantial survivor bias. Similar findings have been reported for US equity mutual funds. New...

This paper explores the role of social networks in the portfolio allocation decisions and performance of mutual fund managers. Using a novel dataset, I examine the past employment networks of both mutual fund managers and firm executives. I find that fund managers place larger bets and perform significantly better on firms when they are connected to a senior executive of that firm through overl...

In this paper we investigate if past performance can be used to predict future performance in the European bond fund market. Both unconditional and conditional measures of performance are considered. To our knowledge, this is the first study which directly analyses the impact of conditioning information in assessing the persistence phenomenon for bond funds. . We find empirical evidence that in...

In an ideal world, pharmaceuticals would serve the purpose of improving health. By offering to reward firms on the basis of their contribution to this purpose, the Health Impact Fund would stimulate innovation without impeding access through high prices. It would focus the attention of pharmaceutical innovators on the most cost-effective ways of improving global health through new medicines. Th...

Using a data set on more than 300 UK pension funds' asset holdings, this paper provides a systematic investigation of the performance of managed portfolios across multiple asset classes. We ̄nd evidence of slow mean reversion in the funds' portfolio weights towards a common, time-varying strategic asset allocation. We also ̄nd surprisingly little cross-sectional variation in the average ex post...

The search for methodologies that accurately measure performance and performance persistence continues to evolve. This is especially true for investment strategies such as hedge funds, which have been shown, in several instances, to not be normally distributed. In this article, we evaluate performance of hedge funds using conditional approaches and GMM. Unlike the Sharpe ratio or Jensen’s alpha...

In a new scheme for hedge fund managerial compensation known as the first-loss scheme, a fund manager uses her investment in the fund to cover any fund losses first; by contrast, in the traditional scheme currently used in most U.S. funds, the manager does not cover investors’ losses in the fund. We propose a framework based on cumulative prospect theory to compute and compare the trading strat...