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Performance Measures of Actively Managed Equity Mutual Funds

Author

Listed:
  • Radu Burlacu

    (CERAG - Centre d'études et de recherches appliquées à la gestion - UPMF - Université Pierre Mendès France - Grenoble 2 - CNRS - Centre National de la Recherche Scientifique)

  • P. Fontaine

    (CERAG - Centre d'études et de recherches appliquées à la gestion - UPMF - Université Pierre Mendès France - Grenoble 2 - CNRS - Centre National de la Recherche Scientifique)

  • S. Jimenez-Garces

    (CERAG - Centre d'études et de recherches appliquées à la gestion - UPMF - Université Pierre Mendès France - Grenoble 2 - CNRS - Centre National de la Recherche Scientifique)

Abstract

We study the performance of US actively managed equity mutual funds with traditional models and find, as in previous studies, that they obtain negative performance. We argue that this pessimistic result is explained by the excessively high expenses charged by managers. Managers justify these costs as being generated by their information acquisition activity.

Suggested Citation

  • Radu Burlacu & P. Fontaine & S. Jimenez-Garces, 2009. "Performance Measures of Actively Managed Equity Mutual Funds," Post-Print halshs-00533093, HAL.
    • Handle: RePEc:hal:journl:halshs-00533093
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00533093
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