Consistency of UK Pension Fund Investment Performance
使用转移矩阵方法研究英国养老基金投资业绩的持续性，发现排名前四分之一的基金更可能保持相同排名，表明部分基金经理能提供一定程度的持续优异表现。
Transition matrix techniques are used to relate the past and present performance of pension fund portfolios. In particular, funds are ranked to study the tendency of portfolios to remain in the same quartile of the ranking as they were in the previous period. For raw returns, funds in both of the top quartiles are found to be more likely to remain in the same quartile than would be expected by chance. This result can be taken as limited evidence for the consistency of performance. Similar systemic effects are observed on a risk‐adjusted basis. There appears to be clear evidence that some fund managers can offer a degree of consistent good performance.