TAILIEUCHUNG - Mutual Fund Performance: An Empirical Decomposition into Stock-Picking Talent, Style, Transactions Costs, and Expenses

The World Bank‟s green bonds have been well received by investors since they were structured to have simple and standard financial features, such as equivalent credit quality and yield levels to other World Bank triple-A rated bonds so that there is no sacrifice to the end-investor in terms of returns. They were also issues into a liquid market and can be as easily traded as other „plain vanilla‟ bonds issued by the World Bank. Because of these predictable and attractive features and the dedication to climate change, they attracted the interest of a broad range of investors – . | THE JOURNAL OF FINANCE VOL. LV NO. 4 AUGUST 2000 Mutual Fund Performance An Empirical Decomposition into Stock-Picking Talent Style Transactions Costs and Expenses RUSS WERMERS ABSTRACT We use a new database to perform a comprehensive analysis of the mutual fund industry. We find that funds hold stocks that outperform the market by percent per year but their net returns underperform by one percent. Of the percent difference between these results percent is due to the underperformance of nonstock holdings whereas percent is due to expenses and transactions costs. Thus funds 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. Do mutual fund managers who actively trade stocks add value Academics have debated this issue since the seminal paper of Jensen 1968 . Although some controversy still exists the majority of studies now conclude that actively managed funds . the Fidelity Magellan fund on average underperform their passively managed counterparts . the Vanguard Index 500 fund .1 For example Gruber 1996 finds that the average mutual fund underperforms passive market indexes by about 65 basis points per year from Robert H. Smith School of Business at the University of Maryland and Graduate School of Business Administration University of Colorado at Boulder. I gratefully acknowledge research support from the Richard M. Burridge Center for Securities Analysis and Valuation at the University of Colorado as well as support from the Institute for Quantitative Research in Finance the Q-Group . I also gratefully acknowledge grants from the Graduate School of the University of Colorado and from the UCLA Academic Senate which were used to purchase some of the data used in this study. My thanks to Franklin Allen the referee and AFA 2000 Program chairman Peter Bernstein Doug Breeden Stephen Brown Jennifer Conrad Bob .

• Quỹ đầu tư
• Photodecomposition
• Behaviors of Pesticides
• Water Supply
• Alumina Carrier
• Titanium Dioxide
• Dioxide Photocatalyst
• báo cáo khoa học
• báo cáo hóa học
• công trình nghiên cứu về hóa học
• tài liệu về hóa học
• cách trình bày báo cáo