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MUTUAL FUND PERFORMANCE IN THE CONTEXT OF MODELS OF EQUILIBRIUM CAPITAL ASSET PRICING
Author(s) -
Appleyard A.R.,
Strong N.,
Walker M.
Publication year - 1982
Publication title -
journal of business finance and accounting
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.282
H-Index - 77
eISSN - 1468-5957
pISSN - 0306-686X
DOI - 10.1111/j.1468-5957.1982.tb00994.x
Subject(s) - reinterpretation , capital asset pricing model , economics , context (archaeology) , mutual fund , consumption based capital asset pricing model , asset (computer security) , financial economics , interpretation (philosophy) , microeconomics , finance , computer science , paleontology , computer security , biology , programming language , physics , acoustics
This paper examines the question of mutual fund performance within an equilibrium asset pricing framework, and in particular gives attention to the reinterpretation of tests of fund performance provided by Peasnell, Skerratt and Taylor ( JBFA 1979). The paper concludes that the reinterpretation provided by Peasnell et. al is flawed, and moreover, that prospects for some new interpretation are bleak.