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http://hdl.handle.net/10419/43706
  

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dc.contributor.authorCici, Gjergjien_US
dc.contributor.authorGibson, Scotten_US
dc.date.accessioned2010-12-09en_US
dc.date.accessioned2011-01-17T10:31:36Z-
dc.date.available2011-01-17T10:31:36Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/43706-
dc.description.abstractThis is the first study of corporate-bond mutual fund performance that examines detailed security-level holdings and returns. The new database allows us to decompose the costs and benefits of active management. In contrast to prior research on equity funds that shows evidence of stock-selection ability, we do not find evidence consistent with bond fund managers, on average, being able to select corporate bonds that outperform other bonds with similar characteristics. We find neutral to weakly positive evidence of ability to time corporate bond characteristics. Overall results show that the costs of active management on average appear larger than the benefits.en_US
dc.language.isoengen_US
dc.publisherCentre for Financial Research Cologneen_US
dc.relation.ispartofseriesCFR working paper 10-18en_US
dc.subject.ddc330en_US
dc.subject.stwRentenfondsen_US
dc.subject.stwIndustrieobligationen_US
dc.subject.stwPortfolio-Managementen_US
dc.subject.stwKapitalertragen_US
dc.subject.stwKosten-Nutzen-Analyseen_US
dc.subject.stwSchätzungen_US
dc.subject.stwUSAen_US
dc.titleThe performance of corporate-bond mutual funds: Evidence based on security-level holdingsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn641470959en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:cfrwps:1018-
Appears in Collections:CFR Working Papers, Centre for Financial Research (CFR), Universität Köln

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