The Structure and Performance of the Money Management Industry
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Josef Lakonishok, Andrei Shleifer, Robert W. Vishny, Oliver Hart, George L. Perry, The Structure and Performance of the Money Management Industry, Brookings Papers on Economic Activity. Microeconomics, Vol. 1992 (1992), pp. 339-391
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Lakonishok et al. (1992) report a positive relation between turnover and performance for 769 all-equity pension funds.
“Lakonishok et al. (1992) report a positive relation between turnover and performance for 769 all-equity pension funds”
From Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors (2000) · cites this paper as Lakonishok et al. (1992)
The Performance Evaluation section reports a positive relation between equity turnover and returns, but Table 8 uses the search database and lists 203 or 97 observations, depending on the regression. The Discussion and Implications section identifies 769 all-equity pension funds as a separate performance database; it does not say the turnover result was based on all 769 funds. Page numbers are unavailable in our copy. (LLM, conf=0.94)
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Cites
Why Is There Mandatory Retirement?
Lazear, E. P. (1979) · Journal of Political Economy · doi:10.1086/260835 · Cited by 2,038 · see citing works
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- Lakonishok, Josef, and others. 1991. "Window Dressing by Pension Fund Managers." American Economic Review Papers and Proceedings 81 (May):227-3 1.
- Shleifer, Andrei, and Lawrence Summers. 1988. "Breach of Trust in Hostile Takeovers." In Corporate Takeovers: Causes and Consequences, edited by Alan J. Auerbach. Chicago: University of Chicago Press.
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Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors
Barber, B. M., & Odean, T. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00226 · Cited by 3,955 · see citing works
Myopic Loss Aversion and the Equity Premium Puzzle
Benartzi, S., & Thaler, R. H. (1995) · The Quarterly Journal of Economics · doi:10.2307/2118511 · Cited by 2,487 · see citing works
Odean, T. (1999) · American Economic Review · doi:10.1257/aer.89.5.1279 · Cited by 2,247 · see citing works
Patterns of behavior of professionally managed and independent investors
Shapira, Z., & Venezia, I. (2001) · Journal of Banking & Finance · doi:10.1016/s0378-4266(00)00139-4 · Cited by 699 · see citing works
Transparency: Motivations and Challenges
Weller, A. (2019) · Lecture Notes in Computer Science · doi:10.1007/978-3-030-28954-6_2 · Cited by 198 · see citing works
- Authors
- Lakonishok, J., Shleifer, A., Vishny, R. W., Hart, O., & Perry, G. L.
- Affiliations
- Harvard University (US)
- Venue
- Brookings Papers on Economic Activity. Microeconomics
- Publisher
- JSTOR
- Published
- 1992
- Volume
- 1992
- Pages
- 339
- ISSN
- 1057-8641 (ISSN-L)
- OpenAlex
- W2151257144
- Cited by
- 572
- References
- 1
- Citations by year
- 2026: 7 · 2025: 7 · 2024: 8 · 2023: 4 · 2022: 6 · 2021: 10 · 2020: 4 · 2019: 11 · 2018: 17 · 2017: 18 · 2016: 22 · 2015: 21 · 2014: 17 · 2013: 23 · 2012: 27
- FWCI
- 32.39
- Type
- journal article
- Language
- en
- Open access
- green
- nrs.harvard.edu
- Licence
- cc-by
- Locations
- Brookings Papers on Economic Activity Microeconomics (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Digital Access to Scholarship at Harvard (DASH) (Harvard University) (submittedVersion, cc-by)
- Funders
- National Centre for Supercomputing Applications
- University of Illinois at Urbana-Champaign
- 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 › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Keywords
- mutual funds, investment performance, fund structure, asset management
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