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dc.contributor.author길재욱-
dc.date.accessioned2019-05-07T06:29:39Z-
dc.date.available2019-05-07T06:29:39Z-
dc.date.issued2017-08-
dc.identifier.citationASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, v. 46, No. 4, Page. 535-557en_US
dc.identifier.issn2041-9945-
dc.identifier.issn2041-6156-
dc.identifier.urihttps://onlinelibrary.wiley.com/doi/full/10.1111/ajfs.12180-
dc.identifier.urihttps://repository.hanyang.ac.kr/handle/20.500.11754/103529-
dc.description.abstractWe 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.en_US
dc.description.sponsorshipThis work was supported by the National Research Foundation of Korea Grant funded by the Korean Government NRF-2013S1A2A2035472. The authors are grateful for their financial support under the Global Research Network Program. An earlier version of the paper was initiated by Professor Bong-Soo Lee who sadly passed away during the project period. Comments from the referees and the editor are gratefully appreciated.en_US
dc.language.isoen_USen_US
dc.publisherWILEY-BLACKWELLen_US
dc.subjectActive managementen_US
dc.subjectEquity funden_US
dc.subjectFund performanceen_US
dc.subjectNational Pension Serviceen_US
dc.subjectPassive managementen_US
dc.titlePerformance of active and passive management of Korea's nps fundsen_US
dc.typeArticleen_US
dc.relation.no4-
dc.relation.volume46-
dc.identifier.doi10.1111/ajfs.12180-
dc.relation.page535-557-
dc.relation.journalASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES-
dc.contributor.googleauthorChung, Jay M-
dc.contributor.googleauthorKhil, Jaeuk-
dc.contributor.googleauthorShin, Jhinyoung-
dc.relation.code2017015224-
dc.sector.campusE-
dc.sector.daehakCOLLEGE OF BUSINESS AND ECONOMICS[E]-
dc.sector.departmentDIVISION OF BUSINESS ADMINISTRATION-
dc.identifier.pidjkhil-
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COLLEGE OF BUSINESS AND ECONOMICS[E](경상대학) > BUSINESS ADMINISTRATION(경영학부) > Articles
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