Recession/Boom Sample Clauses

Recession/Boom. The early literature on the value of active mutual fund management focuses on unconditional return performance and generally finds that the average fund under- performs passive benchmarks8 and that there is evidence of negative market timing.9 However, Xxxxxxxxx (2000), Xxxxxxxx (2006), and Xxxxx (2011) all suggest that un- conditional mutual fund performance measures may understate the value of mutual funds to investors since they cannot answer the question of how mutual funds perform in recession states when investors’ marginal utility of wealth is highest. Their find- ings imply that actively managed mutual funds perform better in recessions and are therefore potentially desirable relative to benchmarks. In this Section, we explore the performance of mutual funds and the market during different economics conditions. The stochastic dominance test is conducted for NBER recessions and expansions. Our aggregate sample spans 430 months of data from March 1980 until December 2015, among which 55 are NBER recession months (13%). During economic expansion periods, the SD test results are very similar to what were seen in previous Sections. First, there is no dominance relationship between average actively managed mutual funds and the market by first order, second order, 8See for example, Xxxxxx (1968), Xxxxxxx and Modest (1987), Grinblatt and Xxxxxx (1989, 1993), Xxxxx, Gruber, Das, and Xxxxxx (1993), Xxxxx and Xxxxxxxxx (1995), Malkiel (1995), Xxxxxx (1996), Xxxxxxx (1997), Xxxxxx (1999), Xxxxxxx (2000), Pastor and Xxxxxxxxx (2002), Xxx- Xxxx and Xxxx-Xxxxx (2009), Fama and French (2010), Elton, Gruber, and Blake (1996, 2003, 2011), and others. See Treynor and Mazuy (1966), Henriksson and Merton (1981), Xxxxx and Xxxxxxxx (1984), Grinblatt and Xxxxxx (1989), and Xxxxxxxxxxx and Korajczyk (1986) for (unconditional) market timing studies. or third order stochastic dominance during the economic expansion periods in our sample. Second, Panel A of Table 6 shows that the market still dominates aggress- ive funds by second order stochastic dominance after deducting all the fees during economic expansion periods. Also, aggressive funds are third order stochastically dominated by the other three mutual fund classes. Third, there is evidence show- ing that income and growth & income funds dominate the market by third order dominance during economic expansions. During economic recession periods, there is no dominance relationship between average actively managed mutual f...
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Related to Recession/Boom

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