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A bootstrap approach is necessary because the cross section of mutual fund alphas has a complex nonnormal distribution due to heterogeneous risk\u2010taking by funds as well as nonnormalities in individual fund alpha distributions. Our bootstrap approach uncovers findings that differ from many past studies. Specifically, we find that a sizable minority of managers pick stocks well enough to more than cover their costs. Moreover, the superior alphas of these managers <jats:italic>persist<\/jats:italic>.<\/jats:p>","DOI":"10.1111\/j.1540-6261.2006.01015.x","type":"journal-article","created":{"date-parts":[[2007,1,11]],"date-time":"2007-01-11T13:44:07Z","timestamp":1168523047000},"page":"2551-2595","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":786,"title":["Can Mutual Fund \u201cStars\u201d Really Pick Stocks? 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