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
3402
1
0
9 trang
We consider two types of dogmatists. The first is a ‘‘no-predictability dogmatist (ND),’’
who rules out predictability, additionally setting the parameters bi1 and Af in Eqs. (1) and
(2) equal to zero. The second is a ‘‘predictability dogmatist (PD),’’ who believes that
mutual fund returns are predictable based on observable business cycle variables. We
further partition our PD investor into two types: PD-1, who believes that fund risk
loadings are predictable (i.e., bi1 is potentially nonzero), and PD-2, who believes that both
risk loadings and benchmark returns are predictable (i.e., bi1 and Af are both allowed to be
nonzero). Note that our PD investors believe that asset...
Nội dung trích xuất từ tài liệu:
Investigating Underperformance by Mutual Fund Portfolios
