Abstract
In this critique of Kochman and Badarinathi's study (1993) of net selectivity, mutual funds are not found to have a return distribution exhibiting limited semivariance when monthly return data are used. Several funds are overrated, however, in the sense that they have negative semivariance- adjusted excess returns, despite having positive beta- adjusted excess returns. Similar results are obtained using the Standard and Poor's 500 Index, which was employed by Kochman and Badarinathi, and the Wilshire 5000.
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