Trading Behaviour and the ‘Success’ of Active Australian Equity Managers
نویسندگان
چکیده
This paper provides the first detailed examination of the trading activities of active Australian institutional equity managers. Employing a unique database of daily transactions data, the study investigates the trading behaviour of active equity managers for the calendar year 2001. This research has two principal objectives – (1) to provide descriptive statistics relating to trade volume, frequency, direction (buy/sell), portfolio turnover, and (2) to evaluate the relative success of active managers in exploiting valuable trading opportunities. The data has been collected from a sample of participating investment managers (on a strictly confidential basis) and will be employed in ongoing investment management research sponsored by the Mercer Investment Consulting Global Investment Forum.
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