Op-roff130049 1..26
نویسندگان
چکیده
Despite the size and importance of separately managed accounts (SMAs) and collective investment trusts, their characteristics and performance have not been studied in detail. We show that separate account performance is similar to that of index funds and superior to that of actively managed mutual funds. Management supplies a benchmark for each separate account. When the management-selected benchmark is used to measure performance, performance is significantly overstated. Despite this, investors react to differences in performance from the management-preferred benchmark in choosing among SMAs. Finally we find variables that explain both the cross section of alphas and the cross section of cash flows. JEL Classification: G11
منابع مشابه
Is the Grass Always Greener in Suburban Neighborhoods? Outdoors Play in Suburban and Inner-City Neighborhoods
Children's outdoors play (OP) is an important source of physical activity that has been decreasing in recent years due to changes in neighborhood design, parent safety concerns and child sedentary leisure. However, few studies examined such determinants from children's perspectives. This study explores environmental and socio-cultural aspects of children's OP using a qualitative and quantitativ...
متن کاملGenetics: S. Emerson
22 Fettke, C. R., op. cit., 231; Koeberlin, F. R., "The Brewster Iron-Bearing District of New York," Econ. Geol., 4, 737 (1909). 23 Fettke, C. R., op. cit., 234. 24 Schuchert, C., and Longwell, C. R., op. cit., 321-324. 26 Schuchert, C., and Longwell, C. R., op. cit., 321. 26 Emerson, B. K., U. S. G. S. Bull., 597, 48-49 (1917); Emerson, B. K., U. S. G. S. Mon., 29, 252-299 (1898). 27 White, D....
متن کاملFat oxidation, lipolysis, and free fatty acid cycling in obesity-prone and obesity-resistant rats.
Defects in fat metabolism may contribute to the development of obesity, but what these defects are and where they occur in the feeding/fasting cycle are unknown. In the present study, basal fat metabolism was characterized using a high-fat diet (HFD)-induced model of obesity development. Male rats consumed a HFD (45% fat, 35% carbohydrate) ad libitum for either 1 or 5 wk (HFD1 or HFD5). After 1...
متن کاملOn Lp-affine surface areas
Let K be a convex body in Rn with centroid at 0 and B be the Euclidean unit ball in Rn centered at 0. We show that limt→0 |K| − |Kt| |B| − |Bt| = Op(K) Op(B) , where |K| respectively |B| denotes the volume of K respectively B, Op(K) respectively Op(B) is the p-affine surface area of K respectively B and {Kt}t≥0, {Bt}t≥0 are general families of convex bodies constructed from K, B satisfying cert...
متن کامل