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Efficiency With Costly Information: A Study of Mutual Fund Performance, 1965-1984
Abstract
If information is costly to collect and implement, then it is efficient for trades by informed investors to occur at prices sufficiently different from full-information prices to compensate them for the cost of becoming informed. This notion is tested by evaluating investment performance in the mutual fund industry over a 20-year period. The study finds evidence that is consistent with optimal trading in efficient markets. Risk-adjusted returns in the mutual fund industry, net of fees and expenses, are comparable to returns available in index funds; and portfolio turnover and management fees are unrelated to fund performance.
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Citations
Cited by
FAMA, E. F. (1991) · The Journal of Finance · doi:10.1111/j.1540-6261.1991.tb04636.x · Cited by 5,350
Do Brokerage Analysts' Recommendations Have Investment Value?
WOMACK, K. L. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb05205.x · Cited by 1,931
Returns from Investing in Equity Mutual Funds 1971 to 1991
MALKIEL, B. G. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb04795.x · Cited by 1,745
FAMA, E. F. (1991) · The Journal of Finance · doi:10.2307/2328565 · Cited by 1,271
Survivorship Bias in Performance Studies
Brown, S. J., Goetzmann, W., Ibbotson, R. G., & Ross, S. A. (1992) · Review of Financial Studies · doi:10.1093/rfs/5.4.553 · Cited by 1,121
Metadata
- Authors
- Ippolito, R. A.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1989-02
- Volume
- 104
- Issue
- 1
- Pages
- 1
- ISSN
- 0033-5533 (ISSN-L)
- OpenAlex
- W2070225810
- Cited by
- 633
- References
- 0
- FWCI
- 11.52
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Efficiency With Costly Information: A Study of Mutual Fund Performance, 1965-1984. https://app.cochat.ai/papers/10.2307/2937832
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- Ippolito, R. A. (1989). Efficiency With Costly Information: A Study of Mutual Fund Performance, 1965-1984. The Quarterly Journal of Economics. https://doi.org/10.2307/2937832
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
