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The record, however, shows that in many, if not most, developing coun- tries, the poor have by and large not benefited from government pro- grams and projects in these areas. The reason, of course, has been the weak capacity of government. States with weak institutions have to find other ways to deliver basic social services and economic infrastructure to their poor citizens. One of these ways is to work in partnership with private sector and community organizations, sometimes called civil so- ciety. Social funds offer such a model to merge the government, the pri- vate sector, and the community organizations in the joint delivery of social services and infrastructure. | Final report Performance persistence in UK equity funds - A literature review Submitted to Association of Unit Trust and Investment Funds 65 Kingsway London WC2B 6TD Prepared by T Giles T Wilsdon T Worboys Charles River Associates Limited 1 Undershaft London EC3A 8EE January 2002 CRA No. D03374-00 Charles River Associates Acknowledgement We would like to thank Professor Schaefer of London Business School for his helpful comments during the preparation of this report. Copyright 2002. All right reserved. Charles River Associates Limited CRA has provided this report to the Association of Unit Trust and Investment Funds AUTIF . No party may reproduce or distribute this report or any part of it without the written consent of AUTIF and CRA. The right of Tim Giles Tim Wilsdon Tim Worboys and Charles River Associates to be identified as the authors of this work has been asserted by them in accordance with the Copyright Designs and Patents Act 1988. Charles River Associates Limited 1 Undershaft London EC3A 8EE Tel 44 020 7664 3700 Email TGiles@crai.co.uk or TWilsdon@crai.co.uk or TWorboys@crai.co.uk Website http www.crai.co.uk January 2002 i Contents Page Executive Summary.1 Section 1 Introduction.2 Background.2 The literature review.2 Section 2 The consumer s perspective.4 Retail funds.4 Risk and abnormal returns.4 Charges.5 Holding periods.5 Survivorship issue.5 A framework for analysis.6 Section 3 UK literature review.7 1997-98 studies.7 1999 studies.11 The FSA analysis.12 Section 4 US studies.17 Earlier abnormal returns studies.17 Early persistence studies.18 1990-95 studies.19 Post 1995 studies.22 How consumers use performance information.24 The FSA analysis.27 Section 5 Conclusions.30 Annex 1 Bibliography.31 January 2002 .
