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Performance of active and passive management of Korea's nps funds

Title
Performance of active and passive management of Korea's nps funds
Author
길재욱
Keywords
Active management; Equity fund; Fund performance; National Pension Service; Passive management
Issue Date
2017-08
Publisher
WILEY-BLACKWELL
Citation
ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, v. 46, No. 4, Page. 535-557
Abstract
We evaluate the performance and the performance persistence of actively and passively managed domestic equity funds of Korea's National Pension Service (the NPS) during the period 2002 to 2011. The results show that active funds did not statistically outperform passive funds during the sample period, and the superior performance of some active funds was driven not by skill but by luck. Our results are consistent with those of earlier research on US institutional investment products, and provide empirical support for the NPS's recent shift in investment policy from active management to passive management.
URI
https://onlinelibrary.wiley.com/doi/full/10.1111/ajfs.12180https://repository.hanyang.ac.kr/handle/20.500.11754/103529
ISSN
2041-9945; 2041-6156
DOI
10.1111/ajfs.12180
Appears in Collections:
COLLEGE OF BUSINESS AND ECONOMICS[E](경상대학) > BUSINESS ADMINISTRATION(경영학부) > Articles
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