M
Mark M. Carhart
Researcher at Goldman Sachs
Publications - 9
Citations - 15976
Mark M. Carhart is an academic researcher from Goldman Sachs. The author has contributed to research in topics: Mutual fund & Portfolio. The author has an hindex of 7, co-authored 8 publications receiving 14735 citations.
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On Persistence in Mutual Fund Performance
TL;DR: Using a sample free of survivor bias, this paper showed that common factors in stock returns and investment expenses almost completely explain persistence in equity mutual fund's mean and risk-adjusted returns.
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On Persistence in Mutual Fund Performance
TL;DR: The authors showed that common factors in stock returns and investment expenses almost completely explain persistence in equity mutual funds' mean and risk-adjusted returns, while the only significant persistence not explained is concentrated in strong underperformance by the worst-performing mutual funds.
Journal ArticleDOI
Leaning for the Tape: Evidence of Gaming Behavior in Equity Mutual Funds
TL;DR: This paper found that fund managers inflate late quarter-end portfolio prices with last-minute purchases of stocks already held, and that the stocks held by the funds with the most incentive to inflate their portfolio prices were the stocks with the best performance.
Journal ArticleDOI
Mutual Fund Survivorship
TL;DR: In this article, a comprehensive study of survivorship issues, in the context of mutual fund research, using the mutual fund data set of Carhart (1997), is presented, and the authors find that funds in their sample disappear primarily because of multi-year poor performance, and demonstrate analytically that this survival rule typically causes the survivor bias in average performance to increase in the length of the sample period.
Journal ArticleDOI
Mutual Fund Survivorship
TL;DR: In this paper, the authors provide a comprehensive study of survivorship issues using the mutual fund data of Carhart (1997) and demonstrate theoretically that when survival depends on multi-period performance, the survivorship bias in average performance typically increases with the sample length.