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| Author: | Silva, H. de Sapra, S. Thorley, S. |
| Title: | Return dispersion and active management |
| Journal: | Financial Analysts
2001 : SEP/OCT, VOL. 57:5, p. 29-42 |
| Index terms: | MANAGEMENT STOCK RETURNS USA |
| Freeterms: | DISPERSION |
| Language: | eng |
| Abstract: | The cross-sectional variation of U.S. stock returns has been unusually high in the past few years. The wide dispersion in security returns has led to corresponding wide dispersion in fund returns. The authors argue that the wide dispersion in fund performance is a natural result of increased security return dispersion and has little to do with changes in the informational efficiency of the market or the range of managerial talent. |
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