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| Tekijä: | Taylor, W. Yoder, J. |
| Otsikko: | A stochastic dominance analysis of the turnover related performance of mutual funds |
| Lehti: | Review of Quantitative Finance and Accounting
1994 : OCT, VOL. 4:3, p. 239-251 |
| Asiasana: | ACCOUNTING UNIT TRUSTS PORTFOLIO INVESTMENT |
| Kieli: | eng |
| Tiivistelmä: | Mutual fund performance relative to portfolio turnover is examined for funds in different investment categories using non-parametric, stochastic dominance criteria. The authors find that, in general, high-turnover funds are at least equally preferable to those with low turnover. This suggests that the costs of obtaining and exploiting information are, on average, compensated for by the subsequent return distribution. |
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