Performance and Persistence in Institutional Investment Management

@inproceedings{WahalPerformanceAP,
  title={Performance and Persistence in Institutional Investment Management},
  author={Jeffrey A. Busse Amit Goyal Sunil Wahal}
}
  • Jeffrey A. Busse Amit Goyal Sunil Wahal
Using new, survivorship-bias free data, we examine the performance and persistence in performance of 4,282 active domestic equity institutional products managed by 1,384 investment management firms between 1991 and 2007. Controlling for the Fama-French three factors and momentum, aggregate and average estimates of alphas are statistically indistinguishable from zero. Although there is considerable heterogeneity in performance, we find no evidence that the performance of either winners or losers… CONTINUE READING
Highly Cited
This paper has 39 citations. REVIEW CITATIONS