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| Tekijä: | Detzler, M. Wiggins, J. |
| Otsikko: | The performance of actively managed international mutual funds |
| Lehti: | Review of Quantitative Finance and Accounting
1997 : VOL. 8:3, p. 291-313 |
| Asiasana: | FINANCE ACCOUNTING UNIT TRUSTS |
| Kieli: | eng |
| Tiivistelmä: | International mutual funds allow individual investors to diversify abroad at a reasonable cost. This paper tests whether international funds that actively engage in country and security selection outperform passive global benchmarks. The authors apply a mean-variance efficiency test that incorporates the practical prohibition against short sales of open-end mutual funds. These tests reject the efficiency of the world equity market portfolio over the sample period, and the authors' funds as a group outperform the inefficient world index. |
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