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@article{10275,
author = {Šindelář, Jiří},
article_location = {Netherlands},
article_number = {December},
doi = {http://dx.doi.org/10.1016/j.frl.2022.103204},
keywords = {Index investing; Mutual funds; Exchange traded funds; Investment returns; Investment volatility},
language = {eng},
issn = {1544-6123},
journal = {Finance Research Letters},
title = {Can active investment managers beat the market? A study from the U.S. large cap equity segment},
url = {https://doi.org/10.1016/j.frl.2022.103204},
volume = {50},
year = {2022}
}
TY - JOUR
ID - 10275
AU - Šindelář, Jiří
PY - 2022
TI - Can active investment managers beat the market? A study from the U.S. large cap equity segment
JF - Finance Research Letters
VL - 50
IS - December
SP - 1-11
EP - 1-11
PB - Elsevier
SN - 15446123
KW - Index investing
KW - Mutual funds
KW - Exchange traded funds
KW - Investment returns
KW - Investment volatility
UR - https://doi.org/10.1016/j.frl.2022.103204
N2 - This paper deals with the ongoing rise of index (passive) investing on the U.S. large-cap equity market and its manifestations. We have constituted two scenarios of the 1990–2021 market shift: implying the reduction of efficiency in the first and the continuous increase of efficiency in the second one. Analysing a wide array of 2 173 managed assets, we have found that passive investments´returns significantly outmatch the active ones. Our results also indicate that active investments offered significantly reduced volatility and the risk-adjusted returns were free of significant differences. This implies no change of intrinsic market efficiency so far, along with overall support for the efficient market hypothesis in the target sample.
ER -
ŠINDELÁŘ, Jiří. Can active investment managers beat the market? A study from the U.S. large cap equity segment. \textit{Finance Research Letters}. Netherlands: Elsevier, 2022, vol.~50, December, p.~1-11. ISSN~1544-6123. Available from: https://dx.doi.org/10.1016/j.frl.2022.103204.
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