Performance Implications of Active Management of Institutional Mutual Funds

27 Pages Posted: 11 Mar 2015

See all articles by Ron Bird

Ron Bird

University of Technology Sydney (UTS)

Paolo Pellizzari

Ca Foscari University of Venice - Dipartimento di Economia

Danny Yeung

University of Technology Sydney (UTS); Financial Research Network (FIRN)

Date Written: March 2015

Abstract

We use information on institutional US mutual funds to examine the performance implications of the decisions they make when actively implementing their investment processes. Our findings show that the success of active fund managers' stock selection decisions is influenced both by the aggressiveness with which they implement their processes and also the style tilts incorporated into their active positions. Our findings provide useful insights into both where one might best look when choosing an active manager and also suggest possible profitable investment strategies.

Keywords: Institutional mutual funds, Active management, Performance evaluation

Suggested Citation

Bird, Ron and Pellizzari, Paolo and Yeung, Danny, Performance Implications of Active Management of Institutional Mutual Funds (March 2015). Accounting & Finance, Vol. 55, Issue 1, pp. 1-27, 2015, Available at SSRN: https://ssrn.com/abstract=2576495 or http://dx.doi.org/10.1111/acfi.12056

Ron Bird

University of Technology Sydney (UTS) ( email )

15 Broadway, Ultimo
Ultimo, New South Wales 5000
Australia

Paolo Pellizzari (Contact Author)

Ca Foscari University of Venice - Dipartimento di Economia ( email )

Cannaregio 873
Venice, 30121
Italy

Danny Yeung

University of Technology Sydney (UTS) ( email )

15 Broadway, Ultimo
PO Box 123
Sydney, NSW 2007
Australia

Financial Research Network (FIRN) ( email )

C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia

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