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| Tekijä: | Blake, D. Timmermann, A. |
| Otsikko: | Mutual Fund Performance: Evidence from the UK |
| Lehti: | European Finance Review
1998 : VOL. 2:1, p. 57-77 |
| Asiasana: | Stock markets Unit trusts Performance appraisal United Kingdom |
| Kieli: | eng |
| Tiivistelmä: | The paper uses a large sample containing the complete return histories of 2,300 UK open-ended mutual funds over a 23-year period to measure fund performance. Some evidence is found of underperformance on a risk-adjusted basis by the average fund manager, persistence of performance and the existence of a substantial survivour bias. Similar findings have been reported for U.S. equity mutual funds. New findings include evidence on mutual fund performance across different asset categories. In addition, some new performance patterns are identified. |
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