High-Frequency Performance Monitoring
研究了高频监控基金绩效（如季度或月度）如何增加观察到极端收益的概率，并指出若不调整极端绩效的定义，可能导致不必要的策略调整或经理更换，增加交易成本并损害激励。
Improvements in technology and increasing emphasis on performance have led many investors to monitor the performance of fund managers on a high–frequency basis: quarterly, monthly, or more frequently. The authors examine the impact that frequency of performance measurement has on the probability distribution of observed outcomes. With more frequent monitoring of rolling returns, there is a greatly increased probability of observing seemingly extreme observations. The authors demonstrate that if performance is appraised by focusing on returns to date, it is important to adjust the definition of extreme performance for the frequency with which returns are monitored. Failure to do so may lead to costly actions such as strategy revisions or manager terminations, which increase transaction costs and have detrimental effects on manager incentives.