TY - GEN
T1 - Do Funds Make More When They Trade More? (Digest Summary)
T2 - L. Pastor, R. F. Stambaugh, and L. A. Taylor, Journal of Finance, Vol. 72, No. 4 (August 2017): 1483-1528
AU - Jackson, Antony
N1 - CFA Digest Summary of 'Do Funds Make More When They Trade More?'; L. Pastor, R. F. Stambaugh, and L. A. Taylor, Journal of Finance, Vol. 72, No. 4 (August 2017): 1483-1528.
PY - 2018/4
Y1 - 2018/4
N2 - Active equity mutual funds display a positive relationship between turnover and future returns in excess of their Morningstar-designated benchmarks. Turnover is highly correlated across active funds, and turnover increases during times of market mispricing as measured by investor sentiment, volatility of stock returns, and marketwide liquidity.
AB - Active equity mutual funds display a positive relationship between turnover and future returns in excess of their Morningstar-designated benchmarks. Turnover is highly correlated across active funds, and turnover increases during times of market mispricing as measured by investor sentiment, volatility of stock returns, and marketwide liquidity.
UR - https://www.cfapubs.org/doi/abs/10.2469/dig.v48.n4.4
U2 - 10.2469/dig.v48.n4.4
DO - 10.2469/dig.v48.n4.4
M3 - Book/Film/Article review
VL - 48
JO - CFA Digest
JF - CFA Digest
PB - CFA Institute
ER -