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Where Do Australian Active Equity Managers Outperform?

Author

Listed:
  • Kingsley Fong

    (University of NSW)

  • David Gallagher

    (University of NSW)

  • Adrian Lee

    (Deakin University)

Abstract

The appropriateness of benchmarks is particularly critical in performance evaluations of equity managers, and inferences made from them in terms of managerial skill Recent empirical research for Australian equity managers shows, on average, outperformance relative to the market over long-run periods. This paper aims to identify more accurately the main sources of that excess return, and finds that it stems from a combination of style exposures and stock selection, both primarily within the large-cap arena especially bank and finance stocks.

Suggested Citation

  • Kingsley Fong & David Gallagher & Adrian Lee, 2007. "Where Do Australian Active Equity Managers Outperform?," Published Paper Series 2007-5, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    • Handle: RePEc:uts:ppaper:2007-5
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