Active Managers Are Skilled

Active Managers Are Skilled

H/T AbnormalReturns

Jonathan Berk

Stanford Graduate School of Business; National Bureau of Economic Research (NBER)

Jules H. Van Binsbergen

University of Pennsylvania - The Wharton School; National Bureau of Economic Research (NBER)

June 9, 2015

Stanford University Graduate School of Business Research Paper No. 15-37

Abstract:

Active fund managers are skilled and, on average, have used their skill to generate about $3.2 million per year. Large cross-sectional...

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