Deactivating Active Share
研究了主动份额指标，发现其与基准收益相关但不预测基金实际收益，不支持将其作为经理选择工具或机构投资组合指南。
The authors investigate “active share,” a measure meant to determine the level of active management in investment portfolios. Using the same sample that was used by Cremers and Petajisto (2009) and Petajisto (2013), they find that active share correlates with benchmark returns but does not predict actual fund returns; within individual benchmarks, active share is as likely to correlate positively with performance as it is to correlate negatively. Their findings do not support an emphasis on active share as a manager selection tool or an appropriate guideline for institutional portfolios.