Did Mutual Fund Return Persistence Persist?
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A seminal study of persistence in mutual fund performance is Carhart (1997), who found that U.S. equity mutual funds past-year returns positively predict their raw excess return and one-factor alpha over the next year. Based on these results, an investor may believe that she can earn higher returns
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美国国家经济研究局创建时间：
2020-02-01
