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Fund Performance and Market Efficiency by Aura Ştefănescu is a document available to read on EtoBox.
What is Fund Performance and Market Efficiency about?
The document reviews literature on fund performance over the past 40+ years. Around 18 papers found evidence of manager skill/persistence in returns, while around 7 supported market efficiency. Of 5 papers on market timing, none found managers could successfully time markets. The literature suggests stock picking may be a worthwhile activity for generating returns, while market timing does not appear to be.
- Author
- Aura Ştefănescu
- Language
- EN