Finding Real Skill in Bond Funds: Separating Manager Talent from Market LuckThis research analyzes whether active bond fund managers truly create value for investors or if apparent success reflects chance and market dynamics.12/23/2025A stylized financial graphic showing rising bar charts, a dollar symbol, a bond icon, and an upward-moving line, representing how market momentum shapes investor reactions to earnings information.Lifa Huang, Wayne Y. Lee and Craig G Rennieresearch