Paper came out in 2002 - https://www.bus.umich.edu/pdf/mitsui/nttdocs/coval-shumway2....
Not sure which time period they studied
Not sure which time period they studied
But I don't think the paper claims that they beat the market. What they are concluding is that you can classify investors as skilled and unskilled, with the skilled group able to achieve returns consistently. But whether those returns can beat the market, they say the evidence is limited.