Where Do Australian Active Equity Managers Outperform?

Kingsley Fong, David Gallagher and Adrian Lee ()
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Kingsley Fong: University of NSW

Published Paper Series from Finance Discipline Group, UTS Business School, University of Technology, Sydney

Abstract: The appropriateness of benchmarks is particularly critical in performance evaluations of equity managers, and inferences made from them in terms of managerial skill Recent empirical research for Australian equity managers shows, on average, outperformance relative to the market over long-run periods. This paper aims to identify more accurately the main sources of that excess return, and finds that it stems from a combination of style exposures and stock selection, both primarily within the large-cap arena especially bank and finance stocks.

Pages: 6 pages
Date: 2007-01-01
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Published in: Fong, K., Gallagher, D.R. and Lee, A.D., 2007, "Where Do Australian Active Equity Managers Outperform?", JASSA, 4, 5-10.

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Persistent link: https://EconPapers.repec.org/RePEc:uts:ppaper:2007-5

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