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While the demand for research on investment performance has increased, the cost of producing this research has declined. Early studies relied on proprietary or expensive commercial databases for their fund performance figures, or researchers collected data by hand from published paper volumes. In 1997, the Center for Research in Security Prices introduced the CRSP mutual fund database, com- piled originally by Mark Carhart, into the academic research market. Starting in about 1994, several databases on hedge fund returns and characteristics became available to academic researchers. Of course, during the same period the costs of computing have declined dra- matically. In response to an increased demand and lower costs of production, the supply of research on fund performance expanded dramatically.