Alpha and Performance Measurement: The Effects of Investor Disagreement and Heterogeneity
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https://www.nber.org/papers/w19349
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The literature has not unambiguously established that a positive alpha, as traditionally measured, means that an investor would want to buy a fund. However, when alpha is defined using the client's marginal utility function, a client faced with a positive alpha would generally want to buy. When
提供机构：
美国国家经济研究局
创建时间：
2013-08-01
