The Role of Luck

Moshe Levy () and Richard Roll ()
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Moshe Levy: Hebrew University of Jerusalem
Richard Roll: Emeritus, UCLA

Chapter Chapter 7 in Mutual Fund Selection, 2024, pp 117-133 from Springer

Abstract: Abstract Luck plays a central and unavoidable role in determining investment and management success. This chapter quantifies the role of luck. Being aware of the importance of luck may help investors and managers avoid the pitfalls of overconfidence, and the substantial costs associated with them.

Keywords: Luck; Randomness; Investment talent; CEO compensation; The distribution of wealth; Overconfidence (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-69758-6_7

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DOI: 10.1007/978-3-031-69758-6_7

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