Phân tích tư tưởng của nhân dân qua đoạn thơ: Những người vợ nhớ chồng… Những cuộc đời đã hóa sông núi ta trong Đất nước của Nguyễn Khoa Điềm
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For the investor types believing that active managers can generate alphas, we nd that the
ability to identify superior performing funds is further improved, albeit slightly, by augmenting the
four-factor model with country indices, even if these indices represent non-priced factors, consis-
tent with Pastor and Stambaugh (2002a). To illustrate, our baseline analysis nds CAPM alpha
enhancements of up to 5% per year from using macroeconomic state variables to choose funds,
relative to active manager choice using an unconditional CAPM model. Further improvements of
up to 1% per year are attained from the tighter predictive distribution for fund alphas obtained
using the Pastor-Stambaugh (2002a,b) speci cation, which, in...
Nội dung trích xuất từ tài liệu:
CONCEPT PAPER ON PROPOSED ALTERNATIVE INVESTMENT FUNDS REGULATION FOR PUBLIC COMMENTS
