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In practice, the number of passive assets must be limited in some fashion. Our empirical
design includes p passive assets, consisting of k benchmarks and m nonbenchmark assets,
and the benchmarks are associated with popular asset pricing models. Suppose one admits
the possibility that the benchmarks do not price the nonbenchmark assets exactly, that is
®N 6 =0.Then ±A, the intercept in (2), is a better measure of skill, in that it is de¯ned with
respect to the more inclusive set of passive assets. Of course, that measure might still be
nonzero for passive assets omitted from the set of p. The point is simply that...
Nội dung trích xuất từ tài liệu:
Dodd-Frank: Impact on Asset Management
