In practice, the number of passive assets must be limited in some fashion. Our empirical
design includes p passive assets, consisting of k benchmarks and m nonbenchmark assets,
and the benchmarks are associated with popular asset pricing models. Suppose one admits
the possibility that the benchmarks do not price the nonbenchmark assets exactly, that is
®N 6 =0.Then ±A, the intercept in (2), is a better measure of skill, in that it is de¯ned with
respect to the more inclusive set of passive assets. Of course, that measure might still be
nonzero for passive assets omitted from the set of p. The point is simply that...
Nội dung trích xuất từ tài liệu:
Dodd-Frank: Impact on Asset Management
Dodd-Frank: Impact on Asset Management
Số trang: 40
Loại file: pdf
Dung lượng: 0.00 B
Lượt xem: 34
Lượt tải: 0
Thông tin tài liệu:
Tìm kiếm theo từ khóa liên quan:
Brazilian Agribusiness Forestry and Life Cycle Assessment Wildlife Forestry Fire Ignition Trends in DurangoTài liệu có liên quan:
-
EDITING HOLLYWOOD'S EDITORS: CLEANING FLICKS FOR FAMILIES
50 trang 64 0 0 -
z/OS Intelligent Resource Director
430 trang 41 0 0 -
Health Insurance: Overview and Economic Impact in the States
64 trang 35 0 0 -
How HM Revenue & Customs handle tax credits overpayments
15 trang 34 0 0 -
Social Insurance With Indirect Democracy
10 trang 33 0 0 -
NORTHWOOD RAVIN: Signature Apartment Homes
21 trang 32 0 0 -
Concept paper on proposed Alternative Investment Funds Regulations
7 trang 32 0 0 -
Michigan State University Personal Protective Equipment Guidelines
40 trang 30 0 0 -
MANAGING UNEMPLOYMENT INSURANCE COSTS
93 trang 29 0 0 -
THE GERMAN EXPERIENCES AND THE ROMAN VILLA OF BORG (ASSR,GERMANY)
18 trang 28 0 0
