Prithviraj Banerjee’s research while affiliated with Florida State University and other places

... Reinhart and Brennan (2007) examined the performance of 9 behavioral mutual funds during the period 1997–2003; they also compared behavioral funds' performance with traditional mutual funds (in terms of premia, alphas, Sharpe ratios, Treynor ratios and information ratios) and showed that inefficiencies can actually improve portfolios' performance, mainly when examining large-cap behavioral funds. In the same spirit, Wright et al. (2006) examined the performance of 16 behavioral funds since their inception date, identifying their ability to attract investment flows. They found that even though behavioral funds as a group outperform S&P 500 index funds, they did not deliver abnormal returns once they account for size, value and 1. Identifying the appropriate benchmark index is of particular importance in order to measure the performance of the fund managers (Tabner, 2009). ...

Reference:

A Tale of Beauties and Beasts: Testing the Optimal Disclosure Hypothesis