Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/172989
Authors: 
Flam, Harry
Vestman, Roine
Year of Publication: 
2017
Series/Report no.: 
CESifo Working Paper 6713
Abstract: 
Actively managed Swedish equity mutual funds outperform the market in 1993‐2001 but have negative gross and net excess returns of ‐0.18 and ‐1.47 per cent per year in 2002‐2013. Across funds, there is no correlation between activism and return in the later period. Returns show little or no persistence: When funds are ranked on past performance, their returns converge to the cross‐sectional mean in about two years and stay close to that subsequently. There is practically no evidence of stock‐picking skills: Actual gross excess returns do not differ significantly from bootstrapped excess returns under the hypothesis of no skill in the population.
Subjects: 
mutual funds
index funds
fund performance
fund return persistence
management skill
luck
JEL: 
G23
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.