Anna Scherbina
@annascherbina.bsky.social
Professor of Finance at Brandeis University
My paper “Unencumbered by Style” with T. Bai & J. Hilscher is now forthcoming in Journal of Banking & Finance. We introduce "tactical investment skill" for active managers, which captures the ability to increase fund returns through style changes. www.sciencedirect.com/science/arti...
Unencumbered by style: Why do funds change factor loadings, and does it help?
We show that, rather than maintaining a constant style, active equity funds alter their factor loadings over time. Style changes are larger following …
www.sciencedirect.com
September 28, 2025 at 11:00 PM
My paper “Unencumbered by Style” with T. Bai & J. Hilscher is now forthcoming in Journal of Banking & Finance. We introduce "tactical investment skill" for active managers, which captures the ability to increase fund returns through style changes. www.sciencedirect.com/science/arti...