UNIT TRUSTS, HOMOGENEOUS BELIEFS AND THE SEPARATION PROPERTY: A NOTE
基于更大样本和不同年份的单位信托数据，检验经理人信念的同质性，指出White（1981）的理论和实证结论不充分。
A recent paper in this journal by J.R. White (1981) provides some evidence on the homogeneity of beliefs of unit trust managers and concludes that ‘Unit trusts are well informed about the market and process information efficiently.’ This note provides some additional evidence on the beliefs of unit trust managers based on a larger sample of trusts embracing different years and a number of objectives. It suggests that White's arguments are not conclusive at the theoretical level and not substantiated by the empirical evidence.