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dc.contributor.authorDrew, ME
dc.contributor.authorStanford, JD
dc.date.accessioned2017-05-03T11:46:38Z
dc.date.available2017-05-03T11:46:38Z
dc.date.issued2003
dc.date.modified2010-07-28T07:00:18Z
dc.identifier.issn0264-2069
dc.identifier.urihttp://hdl.handle.net/10072/32691
dc.description.abstractIn this analysis of investment manager performance, two questions are addressed. First, do managers that actively trade stocks create value for investors? Second, can the multifactor model of Gruber capture the cross-section of average fund returns for the Australian setting? The answers from this study are as follows: as an industry, investment managers destroyed value for superannuation investors for the period 1991 through 1999, underperforming passive portfolio returns by 2.80-4.00 per cent per annum on a risk-unadjusted basis and 0.50-0. 93 per cent per annum on a risk-adjusted basis. Evidence is provided in support of the four-factor model of Gruber; however, the model fails to capture the impact of investment style for the Australian setting. The findings suggest that Australian superannuation investors would transform their retirement savings into retirement income more efficiently through the use of passive alternatives to the stock selection problem. [ABSTRACT FROM AUTHOR]
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.languageEnglish
dc.language.isoeng
dc.publisherFrank Cass
dc.publisher.placeLondon
dc.publisher.urihttp://www.tandf.co.uk/journals/titles/02642069.asp
dc.relation.ispartofpagefrom12
dc.relation.ispartofpageto24
dc.relation.ispartofissue4
dc.relation.ispartofjournalThe Service Industries Journal
dc.relation.ispartofvolume23
dc.subject.fieldofresearchCommercial services
dc.subject.fieldofresearchMarketing
dc.subject.fieldofresearchTourism
dc.subject.fieldofresearchcode3504
dc.subject.fieldofresearchcode3506
dc.subject.fieldofresearchcode3508
dc.titleReturns from Investing in Australian Equity Superannuation Funds, 1991-1999
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.date.issued2003
gro.hasfulltextNo Full Text
gro.griffith.authorDrew, Michael E.


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