tailieunhanh - The Performance Of Mutual Funds In The Period 1945-1964

You may monitor the market yourself, though at larger firms you’ll be able to rely on the assistance of the money market trading desk. The traders on the desk will contact broker-dealers to review their in- ventory of securities and keep them familiar with the needs of your funds. They’ll also be in touch with corporations interested in issuing commercial paper directly to the buyers, without a broker-dealer as an intermediary. The traders will also help out by monitoring the daily cash needs of the fund. They’ll keep on top of which securities will be maturing that day, then add or subtract net shareholder inflows or outflows. (See. | The Performance of Mutual Funds in the Period 1945-1964 Michael c. Jensen STOR The Journal of Finance Volume 23 Issue 2 Papers and Proceedings of the Twenty-Sixth Annual Meeting of the American Finance Association Washington . December 28-30 1967 May 1968 389-416. Stable URL http sici sici 0022-1082 28196805 2923 3A2 3C389 3ATPOMFI 3B2-G Your use of the JSTOR archive indicates your acceptance of JSTOR s Terms and Conditions of Use available at http about . 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. 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. The Journal of Finance is published by American Finance Association. Please contact the publisher for further permissions regarding the use of this work. Publisher contact information may be obtained at http joumals . The Journal of Finance 1968 American Finance Association JSTOR and the JSTOR logo are trademarks of JSTOR and are Registered in the . Patent and Trademark Office. For more information on JSTOR contactjstor@. 2002 JSTOR http Mon Nov 25 13 16 14 2002 PROBLEMS IN SELECTION OF SECURITY PORTFOLIOS THE PERFORMANCE OF MUTUAL FUNDS IN THE PERIOD 1945-1964 Michael c. Jensen I. Introduction A CENTRAL PROBLEM IN FINANCE and especially portfolio management has been that of evaluating the performance of portfolios of risky investments. The concept of portfolio performance has at least two distinct dimensions 1 The ability of the portfolio manager or security analyst to increase returns on the portfolio through successful prediction of future security prices and 2 The ability of the portfolio manager to