MUTUAL FUND PERFORMANCE IN THE CONTEXT OF MODELS OF EQUILIBRIUM CAPITAL ASSET PRICING
在均衡资产定价框架下审视共同基金业绩问题，重点评析Peasnell等人对基金业绩检验的重新解释，指出其存在缺陷，并认为提出新解释的前景黯淡。
This paper examines the question of mutual fund performance within an equilibrium asset pricing framework, and in particular gives attention to the reinterpretation of tests of fund performance provided by Peasnell, Skerratt and Taylor ( JBFA 1979). The paper concludes that the reinterpretation provided by Peasnell et. al is flawed, and moreover, that prospects for some new interpretation are bleak.