Diversification and Portfolio Management of Mutual Funds

PAUL U. ALI Associate Professor in the Faculty of Law, University of Melbourne, AustraliaSERGIO SANFILIPPO AZOFRA Assistant Professor of Finance at the University of Cantabria, SpainWOLFGANG BREUER Full Professor of Finance at the RWTH Aachen University, GermanyMERCER BULLARD Assistant Professor of Law at the University of Mississippi School of Law, USA, and Founder and President of Fund DemocracyRADU BURLACU Associate Professor of Finance at the University Pierre Mendès France, Grenoble, FranceRACHEL CAMPBELL Assistant Professor of Finance at the University of Maastricht, The Netherlands CARLO FIORIO Assistant Professor (Ricercatore) in the Department of Economics at Milan State University, ItalyPATRICE FONTAINE PhD. Professor of Finance at the University Pierre Mendès, FranceGIAMPAOLO GABBI Full Professor of Banking and of Risk Management at the University of Siena, Italy, and Senior Teacher at SDA Bocconi, Milan, ItalyALEXEI P. GORIAEV Assistant Professor in Finance at the New Economic School, Moscow, RussiaSONIA JIMENEZ-GARCES Associate Professor of Finance at the Institut National Polytechnique de Grenoble, FranceROMAN KRÄUSSL Assistant Professor of Finance at Vrije Universiteit Amsterdam, The Netherlands, and Research Fellow with the Centre for Financial Studies, Frankfurt/Main, Germany GUANGXI JIA LLM Candidate at the Washington University School of Law, St. Louis, USAJÚLIO LOBÃO Doctoral Student in Management Sciences at University ofMinho, Portugal; MSc in Finance and Undergraduate in Economics at Faculdade de Economia, University of Porto, PortugalCARLOS LÓPEZ-GUTIÉRREZ Assistant Professor of Finance at the University of Cantabria, SpainCLAUDIO MARSALA Quantitative Portfolio Manager in Ras Asset ManagementCLARK L. MAXAM Director of research at Braddock Financial CorporationJIN MENG MENG LLM Candidate at Washington University in St. Louis, USAMANUEL MORENO Assistant Professor of Financial Economics and Accounting at the University of Castilla La-Mancha at Toledo, Spain, and Associate Editor of Revista de Economía Financiera and Member of GARP (Global Association of Risk Professionals)ANDREAS OEHLER Full Professor of Finance at Bamberg University, Germany, and has held a Chair in Management, Business Administration and Finance there since 1994SEOW ENG ONG Associate Professor in the Department of Real Estate, National University of SingaporeMASSIMILIANO PALLOTTA Member of the Risk Management Team of Ras Asset ManagementMARCO PERCOCO Research Fellow in the Department of Economics at Bocconi University, Milan, ItalyJOSHUA PULLAN Corporate Alliances Department at Sotheby's, London, UKJI QI LLM Candidate at the Washington University School of Law in St. Louis, USA, and a 2001 Graduate of Nankai UniversitySTEFANO RICCI Joined the Quantitative Portfolio Management Unit in June 2004 at Ras Asset ManagementGONZALO RUBIO Full Professor of Economics and Finance at the University of theBasque Country, SpainMARCO RUMMER Currently completing his PhD in Financial Economics at the University of Bamberg, GermanyMUHAMMAD AKBAR SAEED Assistant Professor of Finance, Department of Management Sciences at Bahria University, Karachi, PakistanROBERTO SAVONA Assistant Professor of Financial Markets and Institutions at University of Brescia, Department of Business Studies, ItalyANA PAULA SERRA Assistant Professor at Faculdade de Economia, Universidade of Porto, PortugalOLAF STOTZ Assistant Professor of Finance at RWTH Aachen University, GermanyNADEEM A. SYED Associate Professor and Head of the Department, Management Sciences at Bahria University, Karachi, Pakistan, and Co-ordinator of Faculty Research Programme at Bahria UniversityBEGOÑA TORRE OLMO Professor of Banking and Finance at the University of Cantabria, SpainTHOMAS WALKER Assistant Professor, Concordia University in Montreal, Canada STEFAN WENDT Doctoral Student, Research and Teaching Assistant in Finance, University of Bamberg, GermanyCRAIG WISEN Assistant Professor of Finance at the University of Alaska, Fairbanks School of Management, Chartered Financial AnalystRAFFAELE ZENTI Quantitative Portfolio Manager at Ras Asset Management, Lecturer at the Master in Finance of CORIPE, University of Turin, Italy

• Diversification into Art Mutual Funds; R. Campbell and J. Pullan Funds of Funds: Diversification, Selection, or Expense Arbitrage?; C. Maxam, S. Eng Ong , and C. Wisen Are Investors Home Biased? - Evidence from Germany; A. Oehler, M. Rummer, T. Walker, and S. Wendt International Mutual Fund Efficiency and Monetary Policy Sensitivity; G. Gabbi Equity Portfolio Construction: A Comparative Analysis; R. Zenti, M. Pallotta, C. Marsala, and S. Ricci Improvements and Limitations of the Revised Morningstar Fund Rating Methodology; R. Kräussl Mutual Fund Flows and Expected Stock Returns in Germany - the Role of the Benchmark and of Expectation Biases; W. Breuer and O. Stotz Herding Behaviour: Evidence from Portuguese Mutual Funds; J. Lobão and A. Serra The 'Best of Both Worlds' Fund: Exchange Traded Funds in Australia; P. Ali The Relative Impact of Different Classification Schemes on Mutual Fund Flows; A. Goriaev Exploiting Industry Momentum with Sector Funds: the Case of the European Market; R. Burlacu, P. Fontaine , and S. Jimenez-Garces U.S. Chinese Mutual Fund Regulation; M. Bullard, G. Jia, J. Meng , and J. Qi Some Insights on the Behaviour of the Mutual Fund Industry in Spain; M. Moreno and G. Rubio On the Supposed Foreign Superiority: the Italian Tax Puzzle; R. Savona Corporate Governance of Mutual Funds in Pakistan; M. Saeed and N. Syed Determinants of Pension Funds Underwriting and Implications for Portfolio Management: Evidence from Italy; C. Fiorio and M. Percoco Managerial Response to Mutual Fund Performance in the Spanish Market: An Agency Approach; B. Torre-Olmo, C. López-Gutiérrez , and S. Azofra Analysis of the Mutual Fund Investment Decision in the Spanish Market; B. Torre-Olmo, C. López-Gutiérrez, and S. Azofra