Fund Turnover and Investment Performance
dc.contributor.author
Adams, Andrew T
en
dc.contributor.author
Lambert, E
en
dc.date.accessioned
2007-08-14T14:41:07Z
dc.date.available
2007-08-14T14:41:07Z
dc.date.issued
1997
dc.description.abstract
We examine the level of share dealing activity of UK long-term institutional funds and, for UK pension funds, assess the impact of this dealing activity on investment performance. The analysis is carried out using annual returns and activity from the WM Universe of UK funds. Previous published research has concentrated mainly on US mutual funds and has generally reported no relationship between annual turnover and returns within the same year. As we are studying UK institutional funds with long-term liabilities, our approach is to establish any relationship by straightforward observations over a ten year period. We conclude that dealing activity within the North American and Japanese equity portfolios of UK pension funds is generally detrimental to long-term investment performance.
en
dc.format.extent
32997 bytes
en
dc.format.mimetype
application/pdf
en
dc.identifier.uri
http://hdl.handle.net/1842/1855
dc.language.iso
en
dc.publisher
Management School and Economics. The University of Edinburgh
en
dc.relation.ispartofseries
CFMR
en
dc.relation.ispartofseries
97.05
en
dc.subject
Economics
en
dc.title
Fund Turnover and Investment Performance
en
dc.type
Working Paper
en
Files
Original bundle
1 - 1 of 1
- Name:
- CFMR_975.pdf
- Size:
- 32.22 KB
- Format:
- Adobe Portable Document Format
This item appears in the following Collection(s)