Are behavioural finance equity funds a superior investment? A note on fund performance and market efficiency
Christiane Goodfellow,
Dirk Schiereck and
Steffen Wippler
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Christiane Goodfellow: Jade Hochschule
Journal of Asset Management, 2013, vol. 14, issue 2, No 4, 119 pages
Abstract:
Abstract This article compares the performance of behavioural finance funds with the performance of the market and that of matched mutual funds across the major regions of the world from 1990 to 2010. Performance is measured raw and risk-adjusted. The empirical evidence suggests that behavioural finance funds neither outperform nor underperform the market or matched actively managed mutual funds. Overall, the empirical findings vary strongly with the set-up of the investigation. We conclude that either stock markets are more efficient, or fund management is worse, than behavioural finance funds advertise. This is consistent with other studies’ results.
Keywords: market efficiency; behavioural finance; fund performance; investment strategy; risk measurement (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:assmgt:v:14:y:2013:i:2:d:10.1057_jam.2013.9
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DOI: 10.1057/jam.2013.9
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