An Analysis of the Relative Performance of Japanese and Foreign Money Management

Stephen Brown (), William Goetzmann, Takato Hiraki and Noriyoshi Shiraishi

Yale School of Management Working Papers from Yale School of Management

Abstract: Foreign investment management firms have recently started to play a major role in the investment trust business in Japan. In terms of assets under management, their size and market share have almost doubled in the past several years. In part, the relative success of foreign managed firms in attracting market share may be attributed to the fact that Japanese investment trusts have underperformed benchmarks in quite a dramatic fashion over the past two decades. This is at best indirect evidence that Japanese funds underperform their foreign counterparts. In a recent paper (Brown, Goetzmann, Hiraki, Otsuki and Shiraishi 2001) we show that the underperformance can be attributed almost entirely to the unique tax environment of Japanese inve

Date: 2002-09-01, Revised 2008-04-01
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Related works:
Working Paper: An Analysis of the Relative Performance of Japanese and Foreign Money Management (2004)
Journal Article: An analysis of the relative performance of Japanese and foreign money management (2003)
Working Paper: An Analysis of the Relative Performance of Japanese and Foreign Money Management (2002)
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