Cohen, Randolph; Coval, Joshua; Pástor, Luboš - C.E.P.R. Discussion Papers - 2003
We develop a performance evaluation approach in which a fund manager's skill is judged by the extent to which his … investment decisions resemble the decisions of managers with distinguished performance records. The proposed performance measures … evaluate the performance of a single fund. According to one of our measures, funds with significantly positive ability …