Busse, Jeffrey A.; Goyal, Amit; Wahal, Sunil - National Centre of Competence in Research - Financial … - 2011
We examine active retail mutual funds and institutional products with a mandate to invest ininternational equity markets between 1991 and 2009. Using global and regional factor models,we find no reliable evidence of alphas in the aggregate or on average. The right tail of thedistribution...
