Evaluating the Performance of International Mutual Funds
分析1982至1988年间15只美国国际多元化共同基金的绩效，使用Jensen指标和正周期加权指标，发现这些基金整体及个体均未超越国际股票指数。
ABSTRACT In this paper, we examine the performance of a sample of fifteen U.S.‐based internationally diversified mutual funds between 1982 and 1988. Two performance measures are used, the Jensen measure and the positive period weighting measure proposed by Grinblatt and Titman. We find no evidence that the funds, either individually or as a whole, provide investors with performance that surpasses that of a broad, international equity index over this sample period.