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Cited by 1,745Financial Markets and Investment StrategiesCorporate Finance and GovernanceFinancial Analysis and Corporate Governance

Returns from Investing in Equity Mutual Funds 1971 to 1991

MALKIEL, BURTON G.·1995·The Journal of Finance
DOI 10.1111/j.1540-6261.1995.tb04795.x
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Abstract

Several recent studies suggest that equity mutual fund managers achieve superior returns and that considerable persistence in performance exists. This study utilizes a unique data set including returns from all equity mutual funds existing each year. These data enable us more precisely to examine performance and the extent of survivorship bias. In the aggregate, funds have underperformed benchmark portfolios both after management expenses and even gross of expenses. Survivorship bias appears to be more important than other studies have estimated. Moreover, while considerable performance persistence existed during the 1970s, there was no consistency in fund returns during the 1980s.

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Authors
MALKIEL, B. G.
Affiliations
Princeton University (US)
Corresponding author
MALKIEL, BURTON G.
ORCID
MALKIEL, BURTON G.
Venue
The Journal of Finance
Publisher
Wiley
Published
1995-06
Volume
50
Issue
2
Pages
549-572
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.1995.tb04795.x
OpenAlex
W2169786125
Cited by
1,745
References
2
Citations by year
2026: 16 · 2025: 25 · 2024: 52 · 2023: 35 · 2022: 46 · 2021: 57 · 2020: 62 · 2019: 54 · 2018: 71 · 2017: 62 · 2016: 86 · 2015: 83 · 2014: 76 · 2013: 64 · 2012: 101
FWCI
49.85
Type
journal article
Language
en
Open access
closed
Licence
onlinelibrary.wiley.com/termsAndConditions#vor (vor, 6178 d)
Locations
  • The Journal of Finance (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
  • Social Sciences › Business, Management and Accounting › Accounting › Corporate Finance and Governance
  • Social Sciences › Business, Management and Accounting › Accounting › Financial Analysis and Corporate Governance
Keywords
equity funds, fund performance, survivorship bias, performance persistence, fund returns, benchmark portfolio, management costs, mutual fund fees

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