Persistent performance in the mutual fund market: Tests with funds and investment advisers

  • Ravi Shukla
  • Charles Trzcinka


Recent studies of mutual funds have concluded that there is some evidence of superior performance. We test for the existence of superior performance and its persistence with mutual funds and mutual fund investment advisers on a data set of monthly returns from 1979 to 1989 for 1,387 mutual funds grouped by 243 advisers. We find no evidence of superior performance or its persistence but we do find significant evidence of persistence of inferior performance. Consistent with previous studies our findings depend on the benchmark chosen, with multiple benchmarks producing a larger degree of inferior performance.

Key words

mutual fund performance adviser 


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Copyright information

© Kluwer Academic Publishers 1994

Authors and Affiliations

  • Ravi Shukla
    • 1
  • Charles Trzcinka
    • 2
  1. 1.School of ManagementSyracuse UniversitySyracuse
  2. 2.Jacobs Management CenterState University of New York at BuffaloBuffalo

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