Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at the Popularity Asset Pricing Model.

Quote of the Day

"Institutions do not seek to maximize potential long-term returns, without regard to risks. They often seek to maximize the likelihood that they can meet their payout obligations."

(Michael A. Mendelson, Charles E.F. Millard and Zach Mees)

Chart of the Day

A look at how Morningstar’s fund ratings have performed.