| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7637 |
| DP7637 On the Size of the Active Management Industry | |
| Robert F. Stambaugh; Luboš Pástor | |
| 发表日期 | 2010-01-17 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We analyze the equilibrium size of the active management industry and the role of historical data---how investors use it to decide how much to invest in the industry, and how researchers use it to judge whether the industry's size is reasonable. As the industry's size increases, every manager's ability to outperform passive benchmarks declines, to an unknown degree. We find that researchers need not be puzzled by the industry's substantial size despite the industry's negative track record. We also find investors face endogeneity that limits their learning about returns to scale and allows prolonged departures of the industry's size from its optimal level. |
| 主题 | Financial Economics |
| 关键词 | Active management Learning Returns to scale |
| URL | https://cepr.org/publications/dp7637 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536474 |
| 推荐引用方式 GB/T 7714 | Robert F. Stambaugh,Luboš Pástor. DP7637 On the Size of the Active Management Industry. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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