{"id":"https://openalex.org/W76357404","doi":null,"title":"Does *alpha really matter? Evidence from mutual fund incubation, termination and manager change","display_name":"Does *alpha really matter? Evidence from mutual fund incubation, termination and manager change","publication_year":2004,"publication_date":"2004-01-01","ids":{"openalex":"https://openalex.org/W76357404","mag":"76357404"},"language":"en","primary_location":{"id":"pmh:oai:CiteSeerX.psu:10.1.1.703.3005","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.703.3005","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.darden.virginia.edu/uploadedFiles/Darden_Web/Content/Faculty_Research/Directory/Evans_DoesAlphaReallyMatter.pdf","raw_type":"text"},"volume":null,"type":"article","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101836084","display_name":"Richard B. Evans","orcid":"https://orcid.org/0000-0003-4631-0744","observed_orcids":["https://orcid.org/0000-0003-4631-0744"]},"institutions":[{"id":"https://openalex.org/I51556381","display_name":"University of Virginia","ror":"https://ror.org/0153tk833","country_code":"US","type":"education","lineage":["https://openalex.org/I51556381"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Richard B. Evans","raw_affiliation_strings":["University of Virginia'"],"raw_orcid":"https://orcid.org/0000-0003-4631-0744","affiliations":[{"raw_affiliation_string":"University of Virginia'","institution_ids":["https://openalex.org/I51556381"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5101836084"],"corresponding_institution_ids":["https://openalex.org/I51556381"],"apc_list":null,"apc_paid":null,"fwci":8.1075,"has_fulltext":false,"cited_by_count":49,"citation_normalized_percentile":{"value":0.96961077,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9951000213623047,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9951000213623047,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0035000001080334187,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/alpha","display_name":"alpha","score":0.7699999809265137},{"id":"https://openalex.org/keywords/mutual-fund-performance","display_name":"mutual fund performance","score":0.6930000185966492},{"id":"https://openalex.org/keywords/risk-adjusted-performance","display_name":"risk-adjusted performance","score":0.7710000276565552},{"id":"https://openalex.org/keywords/individual-investors","display_name":"retail investors","score":0.8799999952316284},{"id":"https://openalex.org/keywords/survivorship-bias","display_name":"survivorship bias","score":0.7749999761581421},{"id":"https://openalex.org/keywords/fund-management-strategy","display_name":"fund management strategy","score":0.5770000219345093}],"concepts":[{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.5018196105957031},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.49142277240753174},{"id":"https://openalex.org/C189188589","wikidata":"https://www.wikidata.org/wiki/Q14864997","display_name":"Investment management","level":3,"score":0.44866594672203064},{"id":"https://openalex.org/C2777064782","wikidata":"https://www.wikidata.org/wiki/Q791974","display_name":"Mutual fund","level":2,"score":0.4442249834537506},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4194828271865845},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.3446478545665741},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.307883083820343},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"pmh:oai:CiteSeerX.psu:10.1.1.703.3005","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.703.3005","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.darden.virginia.edu/uploadedFiles/Darden_Web/Content/Faculty_Research/Directory/Evans_DoesAlphaReallyMatter.pdf","raw_type":"text"},{"id":"pmh:oai:repository.upenn.edu:dissertations-3786","doi":null,"is_oa":false,"landing_page_url":"https://repository.upenn.edu/dissertations/AAI3125811","pdf_url":null,"source":{"id":"https://openalex.org/S4306402083","display_name":"ScholarlyCommons (University of Pennsylvania)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I79576946","host_organization_name":"University of Pennsylvania","host_organization_lineage":["https://openalex.org/I79576946"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Dissertations available from ProQuest","raw_type":"text"},{"id":"mag:76357404","doi":null,"is_oa":false,"landing_page_url":"https://repository.upenn.edu/cgi/viewcontent.cgi?article=3786&context=dissertations","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Peace, justice, and strong institutions","score":0.5099999904632568,"id":"https://metadata.un.org/sdg/16"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":19,"referenced_works":["https://openalex.org/W1580788756","https://openalex.org/W1990484454","https://openalex.org/W1990925122","https://openalex.org/W1995834279","https://openalex.org/W2020764703","https://openalex.org/W2030662721","https://openalex.org/W2037119150","https://openalex.org/W2055337889","https://openalex.org/W2092648747","https://openalex.org/W2136120210","https://openalex.org/W3023287100","https://openalex.org/W3121206834","https://openalex.org/W3122187992","https://openalex.org/W3122305625","https://openalex.org/W3122441120","https://openalex.org/W3123242051","https://openalex.org/W3124015236","https://openalex.org/W3125260321","https://openalex.org/W3125749590"],"related_works":["https://openalex.org/W2889905087","https://openalex.org/W2998999320","https://openalex.org/W7172116531","https://openalex.org/W6963028588","https://openalex.org/W3001422445","https://openalex.org/W7096206797","https://openalex.org/W2801051086","https://openalex.org/W6986796809","https://openalex.org/W4250704334","https://openalex.org/W7100134260"],"abstract_inverted_index":{"The":[0,97],"assumption":[1],"that":[2,18,101],"market":[3],"participants":[4],"risk-adjust":[5],"when":[6],"measuring":[7],"performance":[8],"is":[9,59,65,100,103,115,145],"common":[10],"in":[11,25,61,80],"finance.":[12],"However,":[13],"empirical":[14],"research":[15],"has":[16],"shown":[17],"raw":[19,49],"returns":[20,50],"play":[21],"an":[22,66],"important":[23,60,105,116],"role":[24,77],"retail":[26,47],"investment":[27],"decisions.":[28,119],"As":[29],"financially":[30],"sophisticated":[31],"investors,":[32,113],"fund":[33,95],"management":[34,62],"companies":[35],"understand":[36],"the":[37,72,76,83,90,124],"importance":[38],"of":[39,78,87,94,126,139],"risk-adjustment,":[40],"but":[41,114],"because":[42],"their":[43],"profits":[44],"depend":[45],"on":[46],"investment,":[48],"may":[51],"influence":[52],"company":[53,63],"strategy.":[54],"Whether":[55],"or":[56],"not":[57,104],"alpha":[58,79,102],"decisions":[64],"open":[67],"question.":[68],"This":[69,120],"paper":[70,121],"addresses":[71],"question":[73],"by":[74],"exploring":[75],"key":[81],"decisions:":[82],"incubation":[84,144],"and":[85,89,92],"termination":[86],"funds,":[88],"promotion":[91],"demotion":[93],"managers.":[96],"major":[98],"finding":[99],"to":[106,112,143],"external":[107],"decisions,":[108],"those":[109],"highly":[110],"visible":[111],"for":[117,129],"internal":[118],"also":[122],"documents":[123],"existence":[125],"a":[127],"strategy":[128],"enhancing":[130],"return":[131],"histories":[132],"called":[133],"incubation.":[134],"A":[135],"previously":[136],"undocumented":[137],"form":[138],"survival":[140],"bias":[141],"due":[142],"identified.":[146]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":4},{"year":2019,"cited_by_count":2},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":4},{"year":2012,"cited_by_count":3}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}