Staying the Course: The Impact of Investment Style Consistency

In the first step, values for past fund performance (ALPHA) and investment style consistency (RSQ) are estimated for each fund on a given date, starting in 1991, using the Carhart four-factor model. Second, three different sets of subsequent (t=1, t=3, and t=3) returns are calculated for each fund and then normalized by style tournament. ................
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