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1 Introduction.(Portfolio Performance Evaluation)
- Article from:
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Foundations and Trends in Finance
- Article date:
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April 1, 2006
- Author:
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Copyright informationCOPYRIGHT 2006 Now Publishers, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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This is a good time for a review of the academic literature on evaluating portfolio performance, concentrating on professionally managed investment portfolios. While the literature goes back to before the 1960s, recent years have witnessed an explosion of new methods for performance evaluation and new evidence on the subject. We think that several forces have contributed to this renaissance. The demand for research on managed portfolio performance increased as mutual funds and related investment vehicles became more important to investors in the 1980s and 1990s. During this period, equity investment became widely popular, as 401(k) and other defined-contribution investment ...