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An Investigation into the Determinants of Performance in the Dual-Fund Industry in the United States from Inception Through 1973

This research is a systematic, in depth empirical test of the strong form of the efficient market hypothesis (EMH) using the dual-fund industry as the research subject. Unlike most strong-form EMH research, this study deals with a small, homogeneous sector of the investment company industry with a comparable origin date. To obtain homogeneity of the research subjects, the sample size is necessarily small (7), thus, making it difficult to find statistically significant results. In general, portfolio performance is negatively correlated with variability in measures of portfolio characteristics such as the major mix, common stock categories, portfolio turnover, etc. The better-performing dual funds were more consistently managed while the lower-performing companies had significant and sometimes frequent changes in portfolio policies. In line with the efficient market hypothesis, "passive" management, i.e., low turnover, few changes in major mix or common stock composition, shows better results in the dual-fund industry from inception through 1973.

Identiferoai:union.ndltd.org:unt.edu/info:ark/67531/metadc331451
Date12 1900
CreatorsBelt, Brian
ContributorsChristy, George A., Guynes, C. Stephen (Carl Stephen), Hays, Henry
PublisherNorth Texas State University
Source SetsUniversity of North Texas
LanguageEnglish
Detected LanguageEnglish
TypeThesis or Dissertation
Formatviii, 280 leaves : ill., Text
RightsPublic, Belt, Brian, Copyright, Copyright is held by the author, unless otherwise noted. All rights reserved.

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