1.
Page 2: line1: should be agents’ not agents”
2.
Page 6: change Elton et al. (2009) to Elton et al. (2011)
3.
Page 7: equation between equation 1.5 and 1.6: change lower limit from j=t-T to j=t-T+1
4.
Page 8: equation 1.7: change the 2 lower limits from j=t-T to j=t-T+1
5.
Page 14, footnote 18: should be Levy (1967), not Levy (1964)
6.
Page 18, table 1.4: replace number 0.56 with 0.00, and replace -1.35 with 0.16.
7.
Page 35, 4 th line from the bottom: spaces need to be placed between words!
8.
Page 40: change Hunter (2011) to Hunter (2013).
9.
Page 43: change T i in the line just below equation 2.10 to β
1
.
10.
Page 73: change Grinblatt and Titman (1989) to Grinblatt and Titman (1989b).
11.
Page 79: place a space between “Practice” and “Grinold”
12.
Page 80: replace “The information ratios of the funds once managed by our three famous” with ““The information ratios using the CAPM on net-of-fee returns of the funds once managed by our five famous”
13.
Page 80: replace “5.6, 2.4, and 0.4” with “0.47, 0.02, and 0.22”
14.
Page 80: replace “we find even higher information ratios” with “we find similar information ratios”
15.
Page 80: replace “-0.5 for Sauter” with “-0.07 for Sauter”
16.
Page 81, problem #2: replace 0.67 with 2.
17.
Page 87: replace Kandel et al. (2012) with Hunter et al. (2013)
18.
Page 121: replace “Sialm, Clemens, Jegadeesh and Titman (1993)” with “Kasperczyk, Sialm, and Zheng
(2008)”
19.
Page 124: change Jern (2004) to Jern (2002)
20.
Page 125: legend has “Selec-tivity”
21.
Page 182: footnote 3, change Pastor and Stambaugh (2002) to Pastor and Stambaugh (2002a)
22.
Page 212: change Grinblatt and Titman (1989) to Grinblatt and Titman (1989b)
23.
Page 223: change Zheng et al., 1999 to Zheng, 1999
24.
Page 242, footnote 8: change Jones and Shanken (2004) to Jones and Shanken (2005)
25.
Page 246: the lines above and below equation 7.12 have spacing problems
26.
Page 252, footnote 1: change Grinblatt and Titman (1989) to Grinblatt and Titman (1989a)
27.
Page 287, footnote 2: change Wermers and Yao (2010) to Wermers and Yao (2012)
28.
Page 291: change Pastor and Stambaugh (2002) to Pastor and Stambaugh (2002a)
29.
Page 292, footnote 11: change Wermers (2002) to Wermers (2005)
30.
Page 295, table 9.1: change Huij and Derwall (2005) to Huij and Derwall (2008)
31.
Same page, same table: change Busse, Goyal and Wahal (2007) to Busse, Goyal, and Wahal (2010)
32.
Page 297: change Avramov, Kosowski, and Teo (2009) to Avramov, Kosowski, Naik, and Teo (2011)
33.
Page 298, table 9.2: change Avramov, Kosowski, and Teo (2007) to Avramov, Kosowski, Naik, and Teo (2011)
34.
Same page, same table: change Barnegas to Banegas. Change (2012) to (2013).
35.
Page 303, table 9.3: change Amenc, …. (2003) to Amenc, … (2004)
36.
Same page: change Getmansky (2004) to Getmansky (2005)

37.
Same page: change Morningstar (2010) to Kinnel (2010)
38.
Page 305, table 9.4: change (2006) to (2009)
39.
Same page, change Kasperczyk … (2009) to Kasperczyk … (2008)
40.
Same page, change Huang…(2009) to Huang…(2010)
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