کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959450 929278 2015 23 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Scale and skill in active management
ترجمه فارسی عنوان
مقیاس و مهارت در مدیریت فعال
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی

We empirically analyze the nature of returns to scale in active mutual fund management. We find strong evidence of decreasing returns at the industry level. As the size of the active mutual fund industry increases, a fund׳s ability to outperform passive benchmarks declines. At the fund level, all methods considered indicate decreasing returns, though estimates that avoid econometric biases are insignificant. We also find that the active management industry has become more skilled over time. This upward trend in skill coincides with industry growth, which precludes the skill improvement from boosting fund performance. Finally, we find that performance deteriorates over a typical fund׳s lifetime. This result can also be explained by industry-level decreasing returns to scale.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 116, Issue 1, April 2015, Pages 23–45
نویسندگان
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