search query: @author Grinblatt, M. / total: 15
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| Author: | Grinblatt, M. Titman, S. |
| Title: | Performance measurement without benchmarks: an examination of mutual fund returns |
| Journal: | Journal of Business
1993 : JAN, VOL. 66:1, p. 47-68 |
| Index terms: | PERFORMANCE MEASUREMENT BUSINESS ECONOMICS UNIT TRUSTS |
| Language: | eng |
| Abstract: | This article introduces a new measure of portfolio performance and applies it to study the performance of a large sample of mutual funds. In contrast to previous studies of mutual fund performance, the measure used in this study employs portfolio holdings and does not require the use of a benchmark portfolio. It finds that the portfolio choices of mutual fund managers, particularly those that managed aggressive growth funds, earned significantly positive risk-adjusted returns in the 1976-85 period. |
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