THE PERSISTENCE OF MUTUAL FUND PERFORMANCE

被引：283

作者：

GRINBLATT, M

TITMAN, S

机构：

来源：

JOURNAL OF FINANCE | 1992年 / 47卷 / 05期

关键词：

D O I：

10.2307/2329005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper analyzes how mutual fund performance relates to past performance. These tests are based on a multiple portfolio benchmark that was formed on the basis of securities characteristics. We find evidence that differences in performance between funds persist over time and that this persistence is consistent with the ability of fund managers to earn abnormal returns.

引用

页码：1977 / 1984

页数：8

共 10 条

[1]

BEEBOWER GL, 1977, FINANCIAL ANAL J, V33, P31, DOI DOI 10.2469/FAJ.V33.N3.31

[2]

BROWN S, 1991, SURVIVORSHIP BIAS PE

[3] MUTUAL FUND PERFORMANCE - AN ANALYSIS OF QUARTERLY PORTFOLIO HOLDINGS [J].