Challenging the Conventional Wisdom on Active Management: A Review of the Past 20 Years of Academic Literature on Actively Managed Mutual Funds

Author(s):  
K. J. Martijn Cremers ◽  
Jon A. Fulkerson ◽  
Timothy Brandon Riley
2019 ◽  
Vol 16 (2) ◽  
pp. 281-294
Author(s):  
Mina Glambosky ◽  
Kimberly Gleason ◽  
Chun Lee ◽  
Maryna Murdock

Academic literature struggles to explain investors’ attitude towards fees and expenses charged by mutual funds. In general, investors have been found to exhibit a puzzling lack of interest in this non-trivial component of their total return, raising questions of rationality of real-world investor behavior. An emergence of exchange-traded funds (ETFs), their rapid proliferation in the past decades and distinct features, such as more simple expense structure, present a valuable opportunity to contribute to the debate surrounding the pricing of funds. To better understand the expense policy/fund flows dynamics, the authors first test a conjecture that later entrants in the ETF markets face a disadvantage in competition for fund flows. Then, they test whether competitive pressure can be successfully overcome by lowering expenses charged to ETF investors. The results suggest that, though it is not necessary to be a first entrant in a fund category to enjoy competitive advantage, an earlier market entry is beneficial for attracting fund flows. It is also found that later entrants’ to the ETF market successfully use the strategy of reducing their expense ratios. Firms with lower net expense ratios obtain greater investment, as evidenced by greater capitalization and market share, supporting our intuition that investors may acknowledge the merits of low-cost ETFs.


2017 ◽  
Vol 19 (2) ◽  
pp. 31-63 ◽  
Author(s):  
Hannah C. Erlwein

Arguments for God's existence, it has often been argued in the secondary academic literature, form an essential part of classical Islamic theology (ʿilm al-kalām) and philosophy (falsafa). In the past decades, numerous scholars have dealt with what could be termed the Islamic discourse on arguments for God's existence, and have commonly analysed these arguments making recourse to Immanuel Kant's (1724–1804) categorisation of such arguments as cosmological, teleological, or ontological. The great Ashʿarī theologian Fakhr al-Dīn al-Rāzī (d. 606/1210) is, unsurprisingly, seen as no exception to this: he, too, has been regarded as a participant in the aforementioned discourse, and in several of his major kalām works he introduces four methods to ‘prove the existence of the creator’. In this article, I will, however, argue that al-Rāzī had no concern for proving God's existence; the arguments in his kalām works, which, in the secondary academic literature, have been described as seeking to prove that God exists, it shall be suggested, serve a different purpose. This shall become clear when al-Rāzī’s commentary on the Qur'an, al-Tafsīr al-kabīr, is taken into account. Previous studies of al-Rāzī’s (alleged) arguments for God's existence have only focused on his kalām works proper, however, in the Tafsīr al-Rāzī not only presents the very same four kalām methods to ‘prove the existence of the creator’ and stresses that they originate in Qur'anic forms of argumentation, but he also places them in a thematic context which, in his theological works, is oftentimes lacking. This article therefore clarifies the objective underlying al-Rāzī’s arguments for the existence of the creator and explains their significance in his broader theological thought.


2017 ◽  
Vol 41 (3) ◽  
pp. 555-583 ◽  
Author(s):  
Niels Geiger

This article is devoted to the issue of operationalizing and empirically measuring the development of behavioral economics, focusing on trends in the academic literature. The main research goal is to provide a quantitative, bibliometric assessment to answer the question of whether the relative importance of behavioral economics has increased over the past decades. After an introduction and a short summary of the history of behavioral economics, several studies are laid out and evaluated. The results generally provide a quantitative confirmation of the story of a rise of behavioral economics that can be found in the literature, and add some notable additional insights.


2019 ◽  
Vol 22 (1) ◽  
pp. 343-360 ◽  
Author(s):  
Vally Koubi

The link between climate change and conflict has been discussed intensively in academic literature during the past decade. This review aims to provide a clearer picture of what the research community currently has to say with regard to this nexus. It finds that the literature has not detected a robust and general effect linking climate to conflict onset. Substantial agreement exists that climatic changes contribute to conflict under some conditions and through certain pathways. In particular, the literature shows that climatic conditions breed conflict in fertile grounds: in regions dependent on agriculture and in combination and interaction with other socioeconomic and political factors such as a low level of economic development and political marginalization. Future research should continue to investigate how climatic changes interact with and/or are conditioned by socioeconomic, political, and demographic settings to cause conflict and uncover the causal mechanisms that link these two phenomena.


2021 ◽  
Vol 38 (1) ◽  
pp. 59-76
Author(s):  
Maryse Kruithof

Abstract It has been suggested that Christianity is inextricably linked with secularization due to its emphasis on purification and rationalization. But if we believe secularization in Europe is at least partly caused by internal developments within Christianity, may we then assume that secularization emerges wherever Christian missionaries are successful? Has the Christian mission unwittingly instigated secularization in its mission fields? This literature review analyses the argument that American anthropologist Elmer Miller made in the article “The Christian Missionary, Agent of Secularization” (1970) and explores whether his thesis has been confirmed in academic literature during the past fifty years. Miller presents rationalization as the primary driver of secularization and explains how missionaries have played a decisive role in this process. This paper demonstrates that while rationalization has often been mentioned as an effect of the Christian mission in other sources, the process has rarely been linked to secularization in the mission field.


Author(s):  
Thomas A. Prendergast ◽  
Stephanie Trigg

Conventional wisdom sees medievalism occurring “after” the Middle Ages; and indeed much medievalist practice seems to support this view, as the Middle Ages are often conceptualised in spatio-temporal terms, through the fictions of time-travel and the specific trope of “portal medievalism”. But the two formations are more accurately seen as mutually constitutive. Medieval literature offers many examples of layered or multiple temporalities. These are often structured around cultural and social difference, which is figured in powerfully affective, not just epistemological terms. Several examples from medieval English literature demonstrate how medieval culture prefigures many of medievalism’s concerns with the alterity of the past.


Author(s):  
S. Nassir Ghaemi

This chapter explores the need for a new approach in psychiatry other than the biopsychosocial (BPS) model, the Diagnostic and Statistical Manual of Mental Disorders (DSM), and neurobiology. Pierre Loebel and Julian Savulescu, in their introduction to this book, laid out an honourable purpose, seeking to make sense of psychiatric conditions holistically. They hoped the BPS model could serve this purpose. The model has done so in part, but also, after half a century of effort, it has failed to do so in the end. The goals are worthy and the seekers of those goals have integrity. But perhaps their intentions will be best served by something else, a successor to the past BPS model, built on a rejection of a false DSM diagnostic system as well as a purely neurobiological approach to research. In the end, what Loebel and his colleagues want to do is to preserve a place for humanism in psychiatry, and to link clinical practice to solid scientific research. These laudable principles can be achieved only by a radical departure from the DSM-based neurobiological conventional wisdom of the present and the past.


Author(s):  
Richard H. Brown

The introduction to this study explores the notion of audiovisuality as it pertains to John Cage’s interaction with avant-garde filmmakers. Moving from the corporeal notion of Cage’s “everyday awareness,” audiovisuality is akin to the lived phenomenal experience. Artworks expressing such an awareness point to our understanding of the self and the lived experience. Such a framework allows for the exploration of a number of issues concerning “Cage Studies,” the flood of academic literature from the past two decades that has attempted to situate Cage’s complex aesthetic stances within 20th- and 21st-century theories of history.


Sign in / Sign up

Export Citation Format

Share Document