Can the Actively Managed Mutual Funds Beat the Market?

Su, Xiadi/X (2009) Can the Actively Managed Mutual Funds Beat the Market? [Dissertation (University of Nottingham only)] (Unpublished)

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The mutual funds performance has been one of the most controversial issues in the area of finance during the past several years. There are a number of theories and empirical studies researching on this topic.

This study focuses on whether the actively managed mutual funds can beat the market, in other words, it examines whether the outperformance exist in the mutual funds. There are 169 the U.S. domestic equity mutual funds chosen as the sample, and examined its performance by using the Jensen Measure, which is a conventional performance evaluation measure. From the result, the mutual funds can beat the market by its performance. That is inconsistent with the majority of the literatures, which have pointed out that the mutual funds cannot beat the market since there is no outperformance. Hence, the reasons for the outperformance exist and the research limitations are discussed and analyzed later.

All in all, this empirical study on the mutual funds performance provides a basic test on the performance of the U.S. mutual funds during the period from 1999 to 2008. Furthermore, it reviews the development of the mutual funds industry, as well as, the previous studies on mutual funds performance evaluation.

Item Type: Dissertation (University of Nottingham only)
Depositing User: EP, Services
Date Deposited: 03 Feb 2010 12:46
Last Modified: 15 Feb 2018 11:07

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