Mutual Fund Performance : An Empirical Decomposition Into Stock - Picking Talent, Style, Transactions Costs, And Expenses  

Oleh:

Wermers, Russ

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 4 (2000), page 1655-1694.
Topik: decomposition; studies; mutual fund; portfolio performance; portfolio management; statistical analysis
Fulltext: p 1655.pdf (186.06KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

We use a new database to perform a comprehensive analysis of the mutual fund industry. We find that funds holf stocks that outperform the market by 1,3 percent per year, but their net returns underperform by one percent. Of the 2,3 percent difference between these results, 0,7 percent is due to the under performance of non stock holdings, whereas 1,6 percent is due to expenses and transactions costs. Thus, fund pick stocks well enough to cover their costs. Also, high - turnover funds beat the vanguard index 500 fund on a net return basis. Our evidence supports the value of active mutual fund management.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali