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Active opportunity and fund performance

Von Reibnitz, Anna

Description

The active funds industry is large and growing. However empirical evidence suggests that the average active fund produces negative risk-adjusted performance after expenses. This is commonly taken as evidence that active fund managers lack the skills to justify the fees they charge. Existing studies look at performance over a sample period as a whole, without conditioning on the active opportunity set faced by fund managers. Yet active opportunity is not constant and has a major influence on the...[Show more]

CollectionsOpen Access Theses
Date published: 2013
Type: Thesis (PhD)
URI: http://hdl.handle.net/1885/151702
DOI: 10.25911/5d515147eb820
Access Rights: Open Access

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