Should investors avoid all actively managed mutual funds? A study in Bayesian performance evaluation

Article Abstract:

This article evaluates mutual-fund performance and portfolio management choices including risk-free assets, index funds and actively managed mutual funds from an investor's perspective. A Bayesian method of performance evaluation was used, including a set of flexible prior beliefs about management skills.

Management, Usage, Portfolio management, Bayesian statistical decision theory, Bayesian analysis, Mutual funds

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Capital gains tax rules, tax-loss trading, and turn-of-the-year returns

Article Abstract:

This article analyzes how tax laws affected investors who accrued losses at end-of-the-year returns between 1963-1996, showing that turn-of-the-year return patterns are contributed to by tax-loss trading. Changes in the capital gains tax, however, did not affect incentives by institutional investors.

Tax Management, Interpretation and construction, Tax law, Tax accounting, Taxation, Capital gains tax

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Performance Evaluation with Transactions Data: The Stock Selection of Investment Newsletters

Article Abstract:

The author examines the value of newsletters' equity recommendations. Topics include retail investors, stock selection, and transaction-based approaches.

United States, Evaluation, Financial services industry, Financial services, Services, Corporations, Investment advisers, Valuation, Newsletters

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