کد مقاله کد نشریه سال انتشار مقاله انگلیسی ترجمه فارسی نسخه تمام متن
959439 929272 2015 20 صفحه PDF سفارش دهید دانلود کنید
عنوان انگلیسی مقاله ISI
Measuring skill in the mutual fund industry
ترجمه فارسی عنوان
اندازه گیری مهارت در صنعت سرمایه گذاری متقابل
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Measuring skill in the mutual fund industry
چکیده انگلیسی

Using the value that a mutual fund extracts from capital markets as the measure of skill, we find that the average mutual fund has used this skill to generate about $3.2 million per year. Large cross-sectional differences in skill persist for as long as ten years. Investors recognize this skill and reward it by investing more capital with better funds. Better funds earn higher aggregate fees, and a strong positive correlation exists between current compensation and future performance. The cross-sectional distribution of managerial skill is predominantly reflected in the cross-sectional distribution of fund size, not gross alpha.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 118, Issue 1, October 2015, Pages 1–20
نویسندگان
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