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Mutual Fund Performance Evaluation : A Comparison of Benchmarks and Benchmark Comparisons

Lehmann, Bruce N. - 1985

Our primary goal in this paper is to ascertain whether the absolute and relative rankings of managed funds are sensitive to the benchmark chosen to measure normal performance. We employ the standard CAPM benchmarks and a variety of APT benchmarks to investigate this question. We found that there...

Persistent link: https://www.econbiz.de/10012477358

Measuring Productivity : Lessons from Tailored Surveys and Productivity Benchmarking

Atkin, David - 2019

We use tailored surveys and benchmarking in the flat-weave rug industry to better understand the shortcomings of …

Persistent link: https://www.econbiz.de/10012479427

Putting Global Governance in its Place

Rodrik, Dani - 2019

In a world economy that is highly integrated, most policies produce effects across the border. This is often believed to be an argument for greater global governance, but the logic requires scrutiny. There remains strong revealed demand for policy and institutional diversity among nations,...

Persistent link: https://www.econbiz.de/10012480157

Benchmarking Global Optimizers

Arnoud, Antoine - 2019

give a detailed comparison of algorithms, we use a set of benchmarking tools recently developed in the applied mathematics …

Persistent link: https://www.econbiz.de/10012480284

Benchmark Interest Rates When the Government is Risky

Augustin, Patrick - 2019

Since the Global Financial Crisis, rates on interest rate swaps have fallen below maturity matched U.S. Treasury rates across different maturities. Swap rates represent future uncollateralized borrowing between banks. Treasuries should be expensive and produce yields that are lower than those of...

Persistent link: https://www.econbiz.de/10012480372

Benchmark Regulation of Multiproduct Firms : An Application to the Rail Industry

Wilson, Wesley W. - 2018

A number of formerly regulated multiproduct industries have a transitional or permanent residual regulatory mandate to protect consumers from "excessive" prices. The legislation that deregulated most rail rates contains a statutory mandate for the regulator to protect shippers from "excessive"...

Persistent link: https://www.econbiz.de/10012480919

The Benchmark Inclusion Subsidy

Kashyap, Anil K. - 2018

We argue that a common practice of evaluating portfolio managers relative to a benchmark has real effects. Benchmarking …

Persistent link: https://www.econbiz.de/10012480988

Is There Too Much Benchmarking in Asset Management?

Kashyap, Anil K. - 2020

We propose a model of asset management in which benchmarking arises endogenously, and analyze its unintended welfare … prices. Benchmarking inflates asset prices and gives rise to crowded trades, thereby reducing the effectiveness of incentive … crowding, opts for less benchmarking and less incentive provision. We also show that asset management costs are lower with …

Persistent link: https://www.econbiz.de/10012482239

Sample Selectivity and the Validity of International Student Achievement Tests in Economic Research

Hanushek, Eric A. - 2010

Critics of international student comparisons argue that results may be influenced by differences in the extent to which countries adequately sample their entire student populations. In this research note, we show that larger exclusion and non-response rates are related to better country average...

Persistent link: https://www.econbiz.de/10012462783

Investment and Value : A Neoclassical Benchmark

Eberly, Janice - 2008

Which investment model best fits firm-level data? To answer this question we estimate alternative models using Compustat data. Surprisingly, the two best-performing specifications are based on Hayashi's (1982) model. This model's foremost implication, that Q is a sufficient statistic for...

Persistent link: https://www.econbiz.de/10012464781