search query: @indexterm FINANCIAL PERFORMANCE / total: 367
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| Author: | Ranaldo, A. Häberle, R. |
| Title: | Wolf in sheep's clothing: the active investment strategies behind index performance |
| Journal: | European Financial Management
2008 : JAN, VOL. 14:1, p. 55-81 |
| Index terms: | finance financial performance financial markets investments strategic planning performance appraisal |
| Freeterms: | market indices |
| Language: | eng |
| Abstract: | It is argued that the commonly used market indices imply forms of active investment management in disguise. Any passive investment tracking these indices turns into an active strategy characterized by market timing and state-dependent performance. There is presented evidence that exclusive indices outperform/underperform more inclusive peer indices in upward/downward markets. |
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