On the Size of the Active Management Industry
收藏NBER2010-01-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w15646
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资源简介：
We argue that active management's popularity is not puzzling despite the industry's poor track record. Our explanation features decreasing returns to scale: As the industry's size increases, every manager's ability to outperform passive benchmarks declines. The poor track record occurred before the
提供机构：
美国国家经济研究局
创建时间：
2010-01-01
