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| Author: | Blake, S. Elton, E. Gruber, M. |
| Title: | The performance of bond mutual funds |
| Journal: | Journal of Business
1993 : JUL, VOL. 66:3, p. 371-404 |
| Index terms: | BUSINESS ECONOMICS BONDS UNIT TRUSTS |
| Language: | eng |
| Abstract: | Using linear and nonlinear models, the authors examine two samples of bond funds: one sample designed to eliminate survivorship bias, and a second much larger sample. Overall and for subcategories of bond funds, the authors find that bond funds underperform relevant indexes post-expenses. These results are robust across a wide choice of models. The authors find that, on average, a percentage-point increase in expenses leads to a percentage-point decrease in performance. |
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