Lee, Jaeram; Lee, Changjun - In: Journal of derivatives and quantitative studies 31 (2023) 4, pp. 328-346
performance distribution of active funds. The key findings are as follows, first, the performance distribution of passive funds … has a thicker tail compared to that of active funds. There are passive funds that achieve outstanding performance, and …-performance relationship is significantly positive for active funds but not for passive funds. This implies that investors may not recognize …