{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,14]],"date-time":"2026-10-14T15:45:48Z","timestamp":1791992748913,"version":"4.4.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":38,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Benchmark choice determines how active-fund returns are partitioned between systematic exposure and managerial value added, but the resulting sensitivity of performance measurement remains under-examined. We study this issue for actively managed Chinese equity and equity-oriented mixed funds. From 2021 to 2024, we compare each fund\u2019s disclosed core holdings with the equity components of its contractual benchmark and mandate-compatible alternative indexes. The baseline estimation sample contains 54,274 fund-formation-quarter observations covering 4,612 funds and 12-month forward benchmark returns extend through December 2025. We measure the evaluation gap as the absolute difference between benchmark-adjusted returns calculated using the disclosed benchmark and the holdings-consistent alternative. The results show that a one-standard-deviation increase in mismatch is associated with a 0.59-percentage-point larger subsequent evaluation gap, equivalent to 10.5% of its sample mean. Greater mismatch is also associated with larger pre-formation differences in systematic factor exposures between competing benchmarks and more frequent changes in relative performance rankings and top-decile classifications. These findings show that benchmark choice is a material source of measurement sensitivity when contractual benchmarks do not closely represent disclosed portfolio exposures. They have implications for fund comparison, performance reporting, and benchmark governance.<\/jats:p>","DOI":"10.2139\/ssrn.7610978","type":"posted-content","created":{"date-parts":[[2026,10,14]],"date-time":"2026-10-14T14:52:58Z","timestamp":1791989578000},"source":"Crossref","is-referenced-by-count":0,"title":["Choosing among Yardsticks: Benchmark Mismatch and Mutual Fund Evaluation in China"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0004-5646-8347","authenticated-orcid":true,"given":"Chenyu","family":"Zheng","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-4130-9576","authenticated-orcid":true,"given":"Xiangguo","family":"Zhang","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Kai","family":"Yang","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","reference":[{"key":"ref1","doi-asserted-by":"crossref","DOI":"10.1016\/j.jfineco.2024.103948","article-title":"Broken promises, competition, and capital allocation in the mutual fund industry","volume":"162","author":"S Abis","year":"2024","journal-title":"Journal of Financial Economics"},{"key":"ref2","year":"2026","journal-title":"Operating rules for performance benchmarks of publicly offered securities investment funds"},{"key":"ref3","journal-title":"Public fund market data"},{"issue":"10","key":"ref4","doi-asserted-by":"crossref","first-page":"2600","DOI":"10.1093\/rfs\/hhw054","article-title":"Which factors matter to investors? 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