Are there hot hands among mutual fund houses in Hong Kong?
Article Abstract:
A study was conducted to determine the existence of short-term performance persistence, or hot hand phenomenon, in Hong Kong's mutual fund industry. The returns of thirty-two fund houses were computed by averaging the returns of all equity funds in each house over the period Jan 1986 and Dec 1995. The study did not find any hot hand phenomena, except for only two 'hot hand' fund houses. However, the study found that conditional and unconditional probabilities of winning repeatedly in consecutive months were strongly correlated.
Publication Name: Journal of Business Finance and Accounting
Subject: Business
ISSN: 0306-686X
Year: 1999
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Relative performance evaluation of mutual funds: a non-parametric approach
Article Abstract:
A non-parametric estimate is used to define a new performance index for mutual funds. This estimate controls for scale economies and provides benchmarks, and it is applicable to all but income funds.
Publication Name: Journal of Business Finance and Accounting
Subject: Business
ISSN: 0306-686X
Year: 2001
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