The Historical Record on Active versus Passive Mutual Fund Performance

IF 0.6 Q4 BUSINESS, FINANCE
David Nanigian
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引用次数: 0

Abstract

This study examines the risk-adjusted performance of actively managed mutual funds versus passively managed mutual funds between 1991 and 2019 and finds that there is no statistically significant difference in performance between the two types of funds when the passively managed funds are compared to competitively priced actively managed funds. The practical implication of this study is that, setting tax considerations aside, as long as investors are cost-conscious in their fund selection process, investing in passively managed funds does not meaningfully improve investor outcomes.
主动与被动共同基金业绩的历史记录
本研究考察了1991年至2019年间主动管理共同基金与被动管理共同基金的风险调整后业绩,发现当被动管理基金与定价有竞争力的主动管理基金相比时,这两类基金的业绩没有统计学上的显著差异。这项研究的实际含义是,抛开税收因素不谈,只要投资者在基金选择过程中有成本意识,投资被动管理基金就不会有意义地改善投资者的结果。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Journal of Investing
Journal of Investing BUSINESS, FINANCE-
CiteScore
1.10
自引率
16.70%
发文量
42
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