Virtual Reality? Investment Consultants’ Claims About Their Own Performance

References

• Blake D, Rossi AG, Timmermann A, Tonks I, Wermers R (2013) Decentralized investment management: Evidence from the pension fund industry. J. Finance 68(3):1133–1178.Crossref, Google Scholar
• Cassar GJ, Gerakos JJ, Green JR, Hand JRM (2018) Hedge fund voluntary disclosure. Accounting Rev. 93(2):117–135.Crossref, Google Scholar
• Chava S, Kim S, Weagley D (2018) Revealed heuristics: Evidence from investment consultants’ search behavior. Preprint, submitted November 12, https://dx.doi.org/10.2139/ssrn.3277424.Google Scholar
• Cohen RB, Gompers PA, Vuolteenaho T (2002) Who underreacts to cash-flow news? Evidence from trading between individuals and institutions. J. Financial Econom. 66(2-3):409–462.Crossref, Google Scholar
• Competition and Markets Authority (2018) Investment consultants market investigation, final report, December. Report, Competition and Markets Authority, London. Accessed March 1, 2019, https://assets.publishing.service.gov.uk/media/5c0fee5740f0b60c8d6019a6/ICMI_Final_Report.pdfGoogle Scholar
• Cremers M, Petajisto A (2009) How active is your fund manager? A new measure that predicts performance. Rev. Financial Stud. 22(9):3329–3365.Crossref, Google Scholar
• Del Guercio D, Tkac PA (2002) The determinants of the flow of funds of managed portfolios: Mutual funds vs. pension funds. J. Financial Quant. Anal. 37(4):523–557.Crossref, Google Scholar
• Edelen RM (1999) Investor flows and the assessed performance of open-end mutual funds. J. Financial Econom. 53(3):439–466.Crossref, Google Scholar
• Evans RB, Fahlenbrach R (2012) Institutional investors and mutual fund governance: Evidence from retail–institutional fund twins. Rev. Financial Stud. 25(12):3530–3571.Crossref, Google Scholar
• Fama EF, French KR (2010) Luck vs. skill in the cross‐section of mutual fund returns. J. Finance 65(5):1915–1947.Crossref, Google Scholar
• Financial Conduct Authority (2016) Asset management market study interim report. Report, Financial Conduct Authority, London. Accessed https://www.fca.org.uk/publication/market-studies/ms15-2-2-interim-report.pdfGoogle Scholar
• Financial Conduct Authority (2017) Asset management market study final report: Annex 5—Assessment of third party datasets. Report, Financial Conduct Authority, London. Accessed April 12, 2018, https://www.fca.org.uk/publication/market-studies/ms15-2-3-annex-5.pdfGoogle Scholar
• Gerakos J, Linnainmaa JT, Morse A (2021) Asset managers: Institutional performance and factor exposures. J. Finance 76(4):2035–2075.Crossref, Google Scholar
• Goyal A, Wahal S (2008) The selection and termination of investment management firms by plan sponsors. J. Finance 63(4):1805–1847.Crossref, Google Scholar
• Guo R-J, Lev B, Zhou N (2004) Competitive costs of biotech IPOs. J. Accounting Res. 42(2):319–355.Crossref, Google Scholar
• Heater JC (2021) Mandated performance disclosure and managerial risk-taking. Working paper, Duke University, Durham, NC.Google Scholar
• James C, Karceski J (2006) Investor monitoring and differences in mutual fund performance. J. Banking Finance 30(10):2787–2808.Crossref, Google Scholar
• Jenkinson T, Jones H, Martinez JV (2016) Picking winners? Investment consultants’ recommendations of fund managers. J. Finance 71(5):2333–2370.Crossref, Google Scholar
• Jones H, Martinez JV (2017) Institutional investor expectations, manager performance, and fund flows. J. Financial Quant. Anal. 52(6):2755–2777.Crossref, Google Scholar
• Jorion P (2003) Portfolio optimization with tracking-error constraints. Financial Anal. J. 59(5):70–82.Crossref, Google Scholar
• Lakonishok J, Shleifer A, Vishny RW (1992) The structure and performance of the money management industry. Brookings Papers Econom. Activity 1992:339–391.Crossref, Google Scholar
• Lang MH, Lundholm RJ (2000) Voluntary disclosure and equity offerings: Reducing information asymmetry or hyping the stock? Contemporary Accounting Res. 17(4):623–662.Crossref, Google Scholar
• Leone AJ, Rock S, Willenborg M (2007) Disclosure of intended use of proceeds and underpricing in initial public offerings. J. Accounting Res. 45(1):111–153.Crossref, Google Scholar
• Ljungqvist A, Malloy C, Marston F (2009) Rewriting history. J. Finance 64(4):1935–1960.Crossref, Google Scholar
• Malkiel BG, Saha A (2005) Hedge funds: Risk and return. Financial Anal. J. 61(6):80–88.Crossref, Google Scholar
• Michels J (2012) Do unverifiable disclosures matter? Evidence from peer-to-peer lending. Accounting Rev. 87(4):1385–1413.Crossref, Google Scholar
• Newey WK, West KD (1987) A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix. Econometrica 55(3):703–708.Crossref, Google Scholar
• Patton AJ, Ramadorai T, Streatfield M (2015) Change you can believe in? Hedge fund data revisions. J. Finance 70(3):963–999.Crossref, Google Scholar
• Pensions and Investments (2019) Investment consultants, 25 November 2019, p. 20.Google Scholar
• Price R (1999) Who reports earnings when reporting is optional? The market for new franchises. J. Accounting Econom. 28:391–423.Crossref, Google Scholar
• Roll R (1992) A mean/variance analysis of tracking error. J. Portfolio Management 18(4):13–22.Crossref, Google Scholar
• Securities and Exchange Commission (2013) Regulation of investment advisers by the U.S. Securities and Exchange Commission. Report, Securities and Exchange Commission, Washington, DC. Accessed July 18, 2019, https://www.sec.gov/about/offices/oia/oia_investman/rplaze-042012.pdf.Google Scholar
• Sensoy BA (2009) Performance evaluation and self-designated benchmark indexes in the mutual fund industry. J. Financial Econom. 92(1):25–39.Crossref, Google Scholar
• Sharpe WF (1981) Decentralized investment management. J. Finance 36(2):217–234.Crossref, Google Scholar
• Sun Z, Wang A, Zheng L (2011) The road less traveled: Strategy distinctiveness and hedge fund performance. Rev. Financial Stud. 25(1):96–143.Crossref, Google Scholar
• van Binsbergen JH, Brandt MW, Koijen R (2008) Optimal decentralized investment management. J. Finance 63(4):1849–1895.Crossref, Google Scholar