Abstract
Longer-tenure fund managers are often thought to provide better returns than shorter-tenure fund managers. An examination using a risk-adjusted performance measure indicates that the longest-tenured managers do show better risk-adjusted performance than shorter-tenured fund managers. These longer-tenured managers also charge lower fees than the others. Lower expense ratios and more time at the helm result in higher mutual fund returns on both a total return and a risk-adjusted return basis. This research extends our knowledge of mutual fund performance covering the entire bull market of the 1990s.
- © 2004 Pageant Media Ltd
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