{"id":"https://openalex.org/W2992492127","doi":null,"title":"Mutual Fund Performance Persistence: Still True?","display_name":"Mutual Fund Performance Persistence: Still True?","publication_year":2010,"publication_date":"2010-10-01","ids":{"openalex":"https://openalex.org/W2992492127","mag":"2992492127"},"language":"en","primary_location":{"id":"mag:2992492127","doi":null,"is_oa":false,"landing_page_url":"https://www.questia.com/library/journal/1G1-235631619/mutual-fund-performance-persistence-still-true","pdf_url":null,"source":{"id":"https://openalex.org/S2764672172","display_name":"Academy of Accounting and Financial Studies journal","issn_l":"1096-3685","issn":["1096-3685"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","poland-20"],"host_organization":"https://openalex.org/P4310315810","host_organization_name":"Allied Academies","host_organization_lineage":["https://openalex.org/P4310315810","https://openalex.org/P4310320466"],"host_organization_lineage_names":["Allied Academies","OMICS Publishing Group"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Academy of Accounting and Financial Studies journal","raw_type":null},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5025131484","display_name":"Rich Fortin","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Rich Fortin","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5048588042","display_name":"Stuart E. Michelson","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Stuart Michelson","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":1.5908,"has_fulltext":false,"cited_by_count":5,"citation_normalized_percentile":{"value":0.89307946,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"14","issue":"4","first_page":"29","last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9994999766349792,"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":0.9994999766349792,"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/T10019","display_name":"Corporate Finance and Governance","score":9.999999747378752e-05,"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/T12123","display_name":"Financial Analysis and Corporate Governance","score":9.999999747378752e-05,"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/mutual-fund-managers","display_name":"mutual fund managers","score":0.7279999852180481},{"id":"https://openalex.org/keywords/active-vs-passive-investing","display_name":"active vs passive investing","score":0.4350000023841858},{"id":"https://openalex.org/keywords/momentum-effect","display_name":"momentum effect","score":0.4320000112056732},{"id":"https://openalex.org/keywords/calendar-anomalies","display_name":"calendar anomalies","score":0.5130000114440918},{"id":"https://openalex.org/keywords/investment-horizon","display_name":"investment horizon","score":0.37400001287460327},{"id":"https://openalex.org/keywords/mutual-fund-fees","display_name":"mutual fund fees","score":0.5189999938011169},{"id":"https://openalex.org/keywords/transaction-costs","display_name":"transaction costs","score":0.5770000219345093},{"id":"https://openalex.org/keywords/buy-and-hold-strategy","display_name":"buy-and-hold strategy","score":0.8009999990463257},{"id":"https://openalex.org/keywords/equity-funds","display_name":"equity funds","score":0.4740000069141388}],"concepts":[{"id":"https://openalex.org/C2777064782","wikidata":"https://www.wikidata.org/wiki/Q791974","display_name":"Mutual fund","level":2,"score":0.7658020257949829},{"id":"https://openalex.org/C2781009140","wikidata":"https://www.wikidata.org/wiki/Q7170389","display_name":"Persistence (discontinuity)","level":2,"score":0.6986686587333679},{"id":"https://openalex.org/C155301685","wikidata":"https://www.wikidata.org/wiki/Q493177","display_name":"Open-end fund","level":4,"score":0.5209380388259888},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5049238801002502},{"id":"https://openalex.org/C84355842","wikidata":"https://www.wikidata.org/wiki/Q361863","display_name":"Closed-end fund","level":3,"score":0.49303290247917175},{"id":"https://openalex.org/C34375142","wikidata":"https://www.wikidata.org/wiki/Q1156684","display_name":"Fund of funds","level":3,"score":0.4744354784488678},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.46079450845718384},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.4143088459968567},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3952513635158539},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3299647867679596},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3248153328895569},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.32420551776885986},{"id":"https://openalex.org/C206757995","wikidata":"https://www.wikidata.org/wiki/Q1665188","display_name":"Institutional investor","level":3,"score":0.30200034379959106},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.258503258228302},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.10333549976348877},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.08321636915206909},{"id":"https://openalex.org/C187320778","wikidata":"https://www.wikidata.org/wiki/Q1349130","display_name":"Geotechnical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:2992492127","doi":null,"is_oa":false,"landing_page_url":"https://www.questia.com/library/journal/1G1-235631619/mutual-fund-performance-persistence-still-true","pdf_url":null,"source":{"id":"https://openalex.org/S2764672172","display_name":"Academy of Accounting and Financial Studies journal","issn_l":"1096-3685","issn":["1096-3685"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","poland-20"],"host_organization":"https://openalex.org/P4310315810","host_organization_name":"Allied Academies","host_organization_lineage":["https://openalex.org/P4310315810","https://openalex.org/P4310320466"],"host_organization_lineage_names":["Allied Academies","OMICS Publishing Group"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Academy of Accounting and Financial Studies journal","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W3003374853","https://openalex.org/W2591681005","https://openalex.org/W2894846111","https://openalex.org/W46887777","https://openalex.org/W7096499914","https://openalex.org/W2016334400","https://openalex.org/W2136120210","https://openalex.org/W2587924377","https://openalex.org/W7073918569","https://openalex.org/W4293530"],"abstract_inverted_index":{"PURPOSE":[0],"The":[1],"purpose":[2],"of":[3,12,16,76,108,143,207,228,241,375,387,424,456,553],"this":[4],"paper":[5,61],"is":[6,34,66,97,111,200,225,342,355,379,478,541],"to":[7,41,113,265,357,381,411,453,481,509,517,526,543],"examine":[8,63],"the":[471],"performance":[10,29,37,55,82,126,142,166,261,273,302,329,335,341,354,408,528,591],"persistence":[11,56,65,99,110,190,218,274,369,378,409,529,592],"a":[13,45,295,301,388,395,501,519,550,557,573],"large":[14],"sample":[15,552,565],"mutual":[17,23,35,53,70,80,101,146,193,232,243,554,568,587],"funds":[18,147,162,173,311,321,450,555,588],"over":[19,167,299,337,361,417,556,572,593],"time.":[20,362],"Specifically":[21],"do":[22,236],"fund":[24,36,54,71,81,102,244,477,505,513,569],"managers":[25,427],"show":[26,163,175,250,316,326,332,589],"positive":[27,98,259,272,328,340,353],"(negative)":[28],"year":[30,40],"after":[31,283],"year?":[32],"Alternatively,":[33],"from":[38,255,263],"one":[39],"next":[43],"basically":[44],"random":[46],"event?":[47],"It's":[48],"been":[49,58,429],"many":[50,457],"years":[51],"since":[52],"has":[57],"examined.":[59],"This":[60,578],"will":[62,580],"whether":[64],"still":[67,88],"valid":[68],"in":[69,100,115,149,191,312,322,367,530],"investing.":[72],"MOTIVATION":[73],"A":[74],"number":[75],"researchers":[77],"have":[78,428],"examined":[79],"persistence,":[83,262,319],"but":[84],"results":[86,155,235,251,536],"are":[87,537],"inconclusive.":[89],"Grinblatt":[90],"and":[91,117,135,184,209,247,287,306,384,400,439,463,560],"Titman":[92,210],"(1992)":[93],"find":[94,105,138,309],"that":[95,106,124,139,181,197,214,252,282,310,333,351,373,407,416,448,470,491,584],"there":[96],"performance.":[103],"They":[104,122,257,280,331,349,446],"part":[107],"due":[112,356,380,480],"differences":[114],"fees":[116],"transaction":[118,285],"costs":[119,286],"across":[120],"funds.":[121,194,233],"conclude":[123,281],"past":[125,419],"does":[127],"provide":[128],"useful":[129],"information":[130],"for":[131,156,276,473],"investors.":[132],"Hendricks,":[133],"Patel,":[134],"Zeckhauser":[136],"(1993)":[137],"relative":[141],"growth,":[144],"no-load":[145],"persists":[148],"short-term,":[151],"with":[152,269,460],"strongest":[154],"one-year":[158,204],"horizon.":[159,576],"Poor":[160],"performing":[161,172,231],"significantly":[164],"worse":[165],"time,":[168,338],"although":[169,339],"better":[171,497],"don't":[174],"significant":[176,217,317,464,590],"results.":[177,445],"Carhart":[178,212],"(1997)":[179,377],"shows":[180],"common":[182,223],"factors":[183,224,360],"investment":[185,278,575],"expenses":[186],"almost":[187],"totally":[188],"explain":[189],"equity":[192,426],"He":[195,371],"indicates":[196],"hot":[520],"hands":[199],"explained":[201,220],"by":[202,221,431,489,499,507,548],"momentum":[205,390,397],"effect":[206],"Jegadeesh":[208],"(1993).":[211],"agrees":[213],"only":[216],"not":[219,237],"his":[222],"underperformance":[227],"lowest":[230],"His":[234],"support":[238,527],"existence":[240],"skilled":[242],"managers.":[245],"Bollen":[246],"Busse":[248],"(2005)":[249],"differ":[253],"somewhat":[254],"Carhart.":[256],"demonstrate":[258],"short-term":[260,389],"quarter":[264],"quarter.":[266],"But,":[267],"as":[268],"Carhart,":[270],"disappears":[275],"longer":[277,561],"horizons.":[279],"considering":[284],"taxes,":[288],"investors":[289,452,493],"may":[290],"generate":[291],"superior":[292],"returns":[293],"through":[294,598],"naive":[296],"buyand-hold":[297],"strategy":[298],"following":[300],"chasing":[303],"strategy.":[304],"Brown":[305],"Goetzmann":[307],"(1995)":[308,441,487],"bottom":[314],"octile":[315,325],"negative":[318],"while":[320],"top":[324],"non-significant":[327],"persistence.":[330],"poor":[334],"holds":[336],"dependent":[343],"on":[344],"time":[346,562],"period":[347],"studied.":[348],"hypothesize":[350],"specific":[358],"macroeconomic":[359],"Eser":[363,405],"(2008)":[364],"examines":[365],"shortcomings":[366],"literature.":[370],"finds":[372,406],"much":[374],"Carhart's":[376],"calendar-related":[382],"distortions":[383],"use":[386],"factor":[391,398],"model.":[392],"After":[393],"using":[394],"longer-term":[396],"model":[399],"masking":[401],"calendar":[402],"year-end":[403],"noise,":[404],"seems":[410,534],"disappear.":[412],"Malkiel":[413,486],"(1996)":[414,438,468],"notes":[415],"25":[420],"years,":[421],"about":[422],"70%":[423],"active":[425,512],"outperformed":[430],"S&P":[433],"500":[434],"Stock":[435],"Index.":[436],"Gruber":[437],"Bogle":[440,467],"also":[442],"note":[443],"similar":[444],"argue":[447],"index":[449,476,504],"allow":[451],"buy":[454],"securities":[455],"different":[458],"types":[459],"minimal":[461],"expense":[462,503],"tax":[465],"savings.":[466],"states":[469],"case":[472],"selecting":[474],"an":[475,511],"compelling":[479],"indexing's":[482],"inherent":[483],"cost":[484],"advantage.":[485],"concludes":[488],"stating":[490],"most":[492],"would":[494],"be":[495],"considerably":[496],"off":[498],"purchasing":[500],"low":[502],"than":[506],"trying":[508],"select":[510],"manager":[514],"who":[515],"appears":[516],"possess":[518],"hand.":[521],"While":[522],"literature":[524],"appeared":[525],"past,":[532],"it":[533],"mixed.":[538],"Our":[539,564],"study":[540,579,595],"intended":[542],"extend":[544],"previous":[546],"research":[547],"examining":[549],"larger":[551],"more":[558],"recent":[559],"period.":[563],"includes":[566],"nine":[567],"classification":[570],"categories":[571],"ten-year":[574],"HYPOTHESIS":[577],"test":[581],"hypothesis":[583],"actively":[585],"managed":[586],"our":[594],"period,":[596],"1996":[597],"2005.":[599],"\u2026":[600]},"counts_by_year":[{"year":2020,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2012,"cited_by_count":3}],"updated_date":"2026-09-22T06:50:58.402377","created_date":"2019-12-13T00:00:00"}