Journal of Portfolio Management, Winter 2016, v. 42, iss. 2, pp. 131-39

主動型基金經理技高一籌：每年平均增值三百萬美元

作者：Berk, Jonathan B (Stanford University- Graduate School of Business), van Binsbergen, Jules H (University of Pennsylvania- The Wharton School)

摘要：本文研究發現主動型基金經理能夠運用自身技能，平均每年為基金創造320萬美元的價值。橫截面上不同基金經理的技能差異巨大，且該差異能持續十年之久。投資者意識到了這種差異，并據此将更多的資金投資于技能更強的基金經理管理的基金。這些基金能夠掙得更高的總的管理費用，并且基金當前的回報和未來的表現間存在顯著的正相關關系。

關鍵詞：投資組合選擇，投資決策，養老基金，非銀行金融機構，金融工具，機構投資者

Active Managers Are Skilled: On Average, They Add More Than $3 Million Per Year

Berk, Jonathan B.(Stanford University- Graduate School of Business); van Binsbergen, Jules H.(University of Pennsylvania- The Wharton School)

ABSTRACT

Active fund managers are skilled and, on average, have used their skill to generate about $3.2 million per year. Large cross-sectional differences in skill persist for as long as 10 years. Investors recognize this skill and reward it by investing more capital in funds managed by better managers. These funds earn higher aggregate fees, and a strong positive correlation exists between current compensation and future performance.

原文鍊接：http://www.valuewalk.com/wp-content/uploads/2015/07/SSRN-id2616505.pdf

翻譯：陳爽