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Another Puzzle: The Growth In Actively Managed Mutual Funds

Tham khảo sách 'another puzzle: the growth in actively managed mutual funds', tài chính - ngân hàng, quỹ đầu tư phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Another Puzzle The Growth in Actively Managed Mutual Funds Martin J. Gruber STOR The Journal of Finance Vol. 51 No. 3 Papers and Proceedings of the Fifty-Sixth Annual Meeting of the American Finance Association San Francisco California January 5-7 1996. Jul. 1996 pp. 783-810. Stable URL http links.jstor.org sici sici 0022-1082 28199607 2951 3A3 3C783 3AAPTGIA 3E2.0.CO 3B2-N The Journal of Finance is currently published by American Finance Association. Your use of the JSTOR archive indicates your acceptance of JSTOR s Terms and Conditions of Use available at http uk.jstor.org about terms.html. JSTOR s Terms and Conditions of Use provides in part that unless you have obtained prior permission you may not download an entire issue of a journal or multiple copies of articles and you may use content in the JSTOR archive only for your personal non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http uk.jstor.org joumals afina.html. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is an independent not-for-profit organization dedicated to creating and preserving a digital archive of scholarly journals. For more information regarding JSTOR please contact support@jstor.org. http uk.jstor.org FriNov 10 07 31 58 2006 THE JOURNAL OF FINANCE . VOL. LI NO. 3 . JULY 1996 Another Puzzle The Growth in Actively Managed Mutual Funds MARTIN J. GRUBER ABSTRACT Mutual funds represent one of the fastest growing type of financial intermediary in the American economy. The question remains as to why mutual funds and in particular actively managed mutual funds have grown so fast when their performance on average has been inferior to that of index funds. One possible explanation of why investors buy actively managed open end funds lies in the fact that they are bought and sold at net asset value and thus