{"id":"https://openalex.org/W2108411451","doi":"https://doi.org/10.2469/faj.v66.n2.7","title":"The Equal Importance of Asset Allocation and Active Management","display_name":"The Equal Importance of Asset Allocation and Active Management","publication_year":2010,"publication_date":"2010-02-25","ids":{"openalex":"https://openalex.org/W2108411451","doi":"https://doi.org/10.2469/faj.v66.n2.7","mag":"2108411451"},"language":"en","primary_location":{"id":"doi:10.2469/faj.v66.n2.7","doi":"https://doi.org/10.2469/faj.v66.n2.7","is_oa":false,"landing_page_url":"https://doi.org/10.2469/faj.v66.n2.7","pdf_url":null,"source":{"id":"https://openalex.org/S162525099","display_name":"Financial Analysts Journal","issn_l":"0015-198X","issn":["0015-198X","1938-3312"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-2","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Analysts Journal","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1591156","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5091304126","display_name":"James X. Xiong","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"James X. Xiong","raw_affiliation_strings":["James X. Xiong, CFA, is a senior research consultant at Ibbotson\r                    Associates, a Morningstar company, Chicago"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"James X. Xiong, CFA, is a senior research consultant at Ibbotson\r                    Associates, a Morningstar company, Chicago","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5034554716","display_name":"Roger G. Ibbotson","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I32971472","display_name":"Yale University","ror":"https://ror.org/03v76x132","country_code":"US","type":"education","lineage":["https://openalex.org/I32971472"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Roger G. Ibbotson","raw_affiliation_strings":["Roger G. Ibbotson is chairman and chief investment officer of Zebra\r                    Capital, Milford, Connecticut; a professor in practice at the Yale School of\r                    Management, New Haven, Connecticut; and founder of and adviser to Ibbotson\r                    Associates, a Morningstar company, Chicago","a professor in practice at the Yale School of\nManagement, New Haven, Connecticut","founder of and adviser to Ibbotson\nAssociates, a Morningstar company, Chicago"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Roger G. Ibbotson is chairman and chief investment officer of Zebra\r                    Capital, Milford, Connecticut; a professor in practice at the Yale School of\r                    Management, New Haven, Connecticut; and founder of and adviser to Ibbotson\r                    Associates, a Morningstar company, Chicago","institution_ids":["https://openalex.org/I32971472"]},{"raw_affiliation_string":"a professor in practice at the Yale School of\nManagement, New Haven, Connecticut","institution_ids":["https://openalex.org/I32971472"]},{"raw_affiliation_string":"founder of and adviser to Ibbotson\nAssociates, a Morningstar company, Chicago","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5090405209","display_name":"Thomas M. Idzorek","orcid":"https://orcid.org/0000-0002-7772-1901","observed_orcids":["https://orcid.org/0000-0002-7772-1901"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Thomas M. Idzorek","raw_affiliation_strings":["Thomas M. Idzorek, CFA, is chief investment officer and director of\r                    research at Ibbotson Associates, a Morningstar company, Chicago"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Thomas M. Idzorek, CFA, is chief investment officer and director of\r                    research at Ibbotson Associates, a Morningstar company, Chicago","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5101749583","display_name":"Peng Chen","orcid":"https://orcid.org/0000-0002-9041-8392","observed_orcids":["https://orcid.org/0000-0002-9041-8392"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Peng Chen","raw_affiliation_strings":["Peng Chen, CFA, is president of Ibbotson Associates, a Morningstar\r                    company, Chicago"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Peng Chen, CFA, is president of Ibbotson Associates, a Morningstar\r                    company, Chicago","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":20.2745,"has_fulltext":false,"cited_by_count":98,"citation_normalized_percentile":{"value":0.99097178,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":100},"biblio":{"volume":"66","issue":"2","first_page":"22","last_page":"30"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9976000189781189,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9976000189781189,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0006000000284984708,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/asset-allocation","display_name":"asset allocation","score":0.9990000128746033},{"id":"https://openalex.org/keywords/active-portfolio-management","display_name":"active portfolio management","score":0.9869999885559082},{"id":"https://openalex.org/keywords/abnormal-returns","display_name":"abnormal returns","score":0.8460000157356262}],"concepts":[{"id":"https://openalex.org/C139819358","wikidata":"https://www.wikidata.org/wiki/Q462748","display_name":"Asset allocation","level":3,"score":0.7142151594161987},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.6509672999382019},{"id":"https://openalex.org/C90157343","wikidata":"https://www.wikidata.org/wiki/Q5188196","display_name":"Cross-sectional regression","level":4,"score":0.5896213054656982},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5549064874649048},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5247098207473755},{"id":"https://openalex.org/C2777302077","wikidata":"https://www.wikidata.org/wiki/Q1321921","display_name":"Market portfolio","level":3,"score":0.5025157928466797},{"id":"https://openalex.org/C74510933","wikidata":"https://www.wikidata.org/wiki/Q1936145","display_name":"Project portfolio management","level":3,"score":0.4809252917766571},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.4774523377418518},{"id":"https://openalex.org/C2776502983","wikidata":"https://www.wikidata.org/wiki/Q690182","display_name":"Contrast (vision)","level":2,"score":0.47313252091407776},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.4549103379249573},{"id":"https://openalex.org/C2991665230","wikidata":"https://www.wikidata.org/wiki/Q2651003","display_name":"Excess return","level":3,"score":0.44967323541641235},{"id":"https://openalex.org/C2993800227","wikidata":"https://www.wikidata.org/wiki/Q7231728","display_name":"Portfolio allocation","level":3,"score":0.4370652437210083},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.37568968534469604},{"id":"https://openalex.org/C152877465","wikidata":"https://www.wikidata.org/wiki/Q208042","display_name":"Regression analysis","level":2,"score":0.34376221895217896},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.136886328458786},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.1128169596195221},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.09587252140045166},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C15952604","wikidata":"https://www.wikidata.org/wiki/Q179012","display_name":"Project management","level":2,"score":0.0},{"id":"https://openalex.org/C64946054","wikidata":"https://www.wikidata.org/wiki/Q4874476","display_name":"Bayesian multivariate linear regression","level":3,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.2469/faj.v66.n2.7","doi":"https://doi.org/10.2469/faj.v66.n2.7","is_oa":false,"landing_page_url":"https://doi.org/10.2469/faj.v66.n2.7","pdf_url":null,"source":{"id":"https://openalex.org/S162525099","display_name":"Financial Analysts Journal","issn_l":"0015-198X","issn":["0015-198X","1938-3312"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-2","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Analysts Journal","raw_type":"journal-article"},{"id":"mag:3122640464","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1591156","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"pmh:oai:RePEc:taf:ufajxx:v:66:y:2010:i:2:p:22-30","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.2469/faj.v66.n2.7","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"mag:3122640464","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1591156","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":12,"referenced_works":["https://openalex.org/W1561265424","https://openalex.org/W1841404810","https://openalex.org/W1943259307","https://openalex.org/W2068046750","https://openalex.org/W2099826194","https://openalex.org/W2137520253","https://openalex.org/W2153965738","https://openalex.org/W2154179876","https://openalex.org/W2161626948","https://openalex.org/W2176797961","https://openalex.org/W3183659376","https://openalex.org/W4249231241"],"related_works":["https://openalex.org/W2153965738","https://openalex.org/W2530757638","https://openalex.org/W2289704069","https://openalex.org/W2184122878","https://openalex.org/W2738335064","https://openalex.org/W2158967210","https://openalex.org/W2756337469","https://openalex.org/W7099948368","https://openalex.org/W2097229565","https://openalex.org/W2493147361"],"abstract_inverted_index":{"What":[0],"is":[1],"the":[2,27,39,43,55,129],"relative":[3],"importance":[4,28],"of":[5,29,49,66,77,84,121],"asset":[6,30,101],"allocation":[7,102],"policy":[8],"versus":[9],"active":[10,104],"portfolio":[11,111],"management":[12,105],"in":[13,16,42,109],"explaining":[14],"variability":[15],"performance?":[17],"Considerable":[18],"confusion":[19],"surrounds":[20],"both":[21],"time-series":[22,64],"and":[23,26,81,103],"cross-sectional":[24,40,82,123],"regressions":[25,33,56],"allocation.":[31],"Cross-sectional":[32],"naturally":[34,71],"remove":[35,72],"market":[36,51,73,79,89,98],"movements;":[37],"therefore,":[38],"results":[41,124],"literature":[44],"are":[45,92,106],"equivalent":[46],"to":[47],"analyses":[48,65,76,83],"excess":[50,78,88],"returns":[52,68,80],"even":[53],"though":[54],"were":[57],"performed":[58],"on":[59],"total":[60,67,86],"returns.":[61],"In":[62],"contrast,":[63],"do":[69],"not":[70],"movements.":[74],"Time-series":[75],"either":[85],"or":[87],"returns,":[90],"however,":[91],"consistent":[93],"with":[94],"each":[95],"other.":[96],"With":[97],"movements":[99],"removed,":[100],"equally":[107],"important":[108],"determining":[110],"return":[112],"differences":[113],"within":[114],"a":[115],"peer":[116],"group.":[117],"Finally,":[118],"an":[119],"examination":[120],"period-by-period":[122],"reveals":[125],"why":[126],"researchers":[127],"using":[128],"same":[130],"regression":[131],"technique":[132],"can":[133],"get":[134],"widely":[135],"different":[136],"results.":[137]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":5},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":3},{"year":2020,"cited_by_count":6},{"year":2019,"cited_by_count":3},{"year":2018,"cited_by_count":7},{"year":2017,"cited_by_count":8},{"year":2016,"cited_by_count":7},{"year":2015,"cited_by_count":7},{"year":2014,"cited_by_count":9},{"year":2013,"cited_by_count":14},{"year":2012,"cited_by_count":9}],"updated_date":"2026-11-03T10:50:19.383937","created_date":"2016-06-24T00:00:00"}