Performance Persistence
使用绝对和相对基准研究共同基金的业绩持续性，发现相对风险调整后的业绩存在持续性，但主要源于落后标普500的基金；Probit分析表明业绩差会增加基金消失概率，且持续性模式随时间变化、与经理人策略相关。
We explore performance persistence in mutual funds using absolute and relative benchmarks. Our sample, largely free of survivorship bias, indicates that relative risk-adjusted performance of mutual funds persists; however, persistence is mostly due to funds that lag the S&P 500. A probit analysis indicates that poor performance increases the probability of disappearance. A year-by-year decomposition of the persistence effect demonstrates that the relative performance pattern depends upon the time period observed, and it is correlated across managers. Consequently, it is due to a common strategy that is not captured by standard stylistic categories or risk adjustment procedures.