Survivor Bias and Mutual Fund Performance
追踪1976年底存在的所有共同基金，通过考虑合并条款计算回报，精确估计了因业绩差而消失的基金导致的幸存者偏差大小，并分析了合并基金及其对手的特征。
Mutual fund attrition can create problems for a researcher because funds that disappear tend to do so due to poor performance. In this article we estimate the size of the bias by tracking all funds that existed at the end of 1976. When a fund merges we calculate the return, taking into account the merger terms. This allows a precise estimate of survivorship bias. In addition, we examine characteristics of both mutual funds that merge and their partner funds. Estimates of survivorship bias over different horizons and using different models to evaluate performance are provided.