Performance attribution of US institutional investors

被引：34

作者：

Binay, M ^{[1
]}

机构：

[1] Claremont Grad Univ, Claremont, CA 91711 USA

来源：

FINANCIAL MANAGEMENT | 2005年 / 34卷 / 02期

关键词：

D O I：

10.1111/j.1755-053X.2005.tb00102.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Institutional investors play a prominent role in today markets. Quarterly reported portfolio holdings make it possible to evaluate the risk-adjusted equity investment performance of all institutional investors in the United States during 1981-2002. The results indicate that institutional investors have been successful in managing client assets; they have added significant value by generating excess returns after controlling for underlying portfolio risk factors. Style choice is the main factor in determining overall portfolio performance, but institutional investors also displayed significant stock selection skills during the period. The stocks they choose for their portfolios have outperformed the stocks they exclude.

引用

页码：127 / 152

页数：26

共 22 条

[1] PATTERNS OF INSTITUTIONAL INVESTMENT, PRUDENCE, AND THE MANAGERIAL SAFETY-NET HYPOTHESIS [J].