Performance evaluation of Norwegian mutual funds
Norwegian mutual fund managers claim that their funds are subject to different investment policies. We find no evidence of this. Funds belonging to the same management company have a similar risk profile. However, the risk profile of funds managed by different companies varies significantly. Although portfolio managers demonstrated market timing skills, our results indicate that their ability to successfully select stocks was limited. The scores on risk-adjusted performance measures showed that all funds outperformed the market in 1982-1984. Thereafter, the typical observation was below the market index benchmark value.
Volume (Year): 7 (1991)
Issue (Month): 4 ()
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