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Institutional investment management: An investor's perspective on the relation between turnover and performance.
- Source :
-
Investment Analysts Journal . Jun2018, Vol. 47 Issue 2, p81-94. 14p. - Publication Year :
- 2018
-
Abstract
- The main aim of this study is to analyse the relationship between turnover and performance in institutional investment management. For a sample of US equity mutual funds during the period January 1999-December 2014, we show that high-turnover funds do not beat low-turnover funds, since their performances are no different, or even significantly lower. Moreover, we show that investing in past high-turnover mutual funds provides investors with significantly worse results than investing in previously low-turnover funds. Investors aiming to enhance their riskadjusted returns should therefore consider the turnover ratio level in their fund investment decisions. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 10293523
- Volume :
- 47
- Issue :
- 2
- Database :
- Academic Search Index
- Journal :
- Investment Analysts Journal
- Publication Type :
- Academic Journal
- Accession number :
- 130641196
- Full Text :
- https://doi.org/10.1080/10293523.2017.1414370