The Value of Active Mutual Fund Management: An Examination of the Stockholdings and Trades of Fund Managers
通过分析共同基金的持股和交易数据，发现基金买入的股票表现优于卖出的股票，且成长型基金的选股能力优于收入型基金，但历史业绩对选股能力的预测作用较弱。
We investigate the value of active mutual fund management by examining the stockhold? ings and trades of mutual funds. We find that stocks widely held by funds do not outper? form other stocks. However, stocks purchased by funds have significantly higher returns than stocks they sell?this is true for large stocks as well as small stocks, and for value stocks as well as growth stocks. We find that growth-oriented funds exhibit better stock selection skills than income-oriented funds. Finally, we find only weak evidence that funds with the best past performance have better stock-picking skills than funds with the worst past performance.