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The Persistence of Mutual Fund Performance

The Persistence of Mutual Fund Performance ABSTRACT This paper analyzes how mutual fund performance relates to past performance. These tests are based on a multiple portfolio benchmark that was formed on the basis of securities characteristics. We find evidence that differences in performance between funds persist over time and that this persistence is consistent with the ability of fund managers to earn abnormal returns. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Finance Wiley

The Persistence of Mutual Fund Performance

GRINBLATT, MARK; TITMAN, SHERIDAN
The Journal of Finance , Volume 47 (5) – Dec 1, 1992
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References (9)

Publisher
Wiley
Copyright
1992 The American Finance Association
ISSN
0022-1082
eISSN
1540-6261
DOI
10.1111/j.1540-6261.1992.tb04692.x
Publisher site
See Article on Publisher Site

Abstract

ABSTRACT This paper analyzes how mutual fund performance relates to past performance. These tests are based on a multiple portfolio benchmark that was formed on the basis of securities characteristics. We find evidence that differences in performance between funds persist over time and that this persistence is consistent with the ability of fund managers to earn abnormal returns.

Journal

The Journal of Finance – Wiley

Published: Dec 1, 1992

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