Are Investors Rational? Choices among Index Funds

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Mutual Fund Competition, Managerial Skill, and Alpha Persistence (2018, background): “…funds is less straightforward than 10Because the risk-return profiles of similar-target index funds are first order identical, competitive effects should be reflected in fees charged by funds (see Elton, Gruber, and Busse (2004), Hortacsu and Syverson (2004), or Cooper, Halling, and Lemmon (2012)).”
Performance of Institutional Trading Desks: An Analysis of Persistence in Trading Costs (2012, neutral): “There is a similar debate in the mutual fund literature with regard to the question of how poorly performing index funds or money market funds survive (Elton, Gruber, and Busse 2004).”
False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas. (2005, neutral): “\ FDR + γ = b F+ γ b S γ = b π0 · γ/2 b S γ , (12)”
Yet Another Puzzle? The Relation between Price and Performance in the Mutual Fund Industry (2007, positive): “First, we provide further evidence that a significant fraction of mutual fund investors is insensitive to fund fees and after-fee performance, in line with the results of some recent studies (e.g., Gruber, 1996; Sirri and Tufano, 1998; Elton et al., 2004) and existing survey and experimental evidenc”
Unobserved Actions of Mutual Funds (2008, positive): “Also, controlling for macroeconomic information following Ferson and Schadt (1996) does not adversely affect our findings.”