Value versus Growth - An Empirical Analysis of Equity Fund Managers ́ Capabilities to Generate Alpha
Author | : Thomas Müller |
Publisher | : GRIN Verlag |
Total Pages | : 62 |
Release | : 2012-04-25 |
ISBN-10 | : 9783656178248 |
ISBN-13 | : 3656178240 |
Rating | : 4/5 (48 Downloads) |
Download or read book Value versus Growth - An Empirical Analysis of Equity Fund Managers ́ Capabilities to Generate Alpha written by Thomas Müller and published by GRIN Verlag. This book was released on 2012-04-25 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2012 in the subject Business economics - Business Management, Corporate Governance, grade: 1,00, EBS European Business School gGmbH, language: English, abstract: Portfolio managers face the challenge to achieve excess returns comparative to a benchmark for their private or institutional clients. Researchers such as Fama and French (1992, 1996) or Lakonishok, Shleifer, and Vishny (1994) caused a stir with their findings that various investment styles tend to accomplish superior returns over a long-term horizon. Their findings proposed that value stocks tend to outperform growth stocks. This bachelor thesis raises the question whether value or growth fund managers are able to achieve a persistent outperformance relative to their internal and external benchmark. The findings have a crucial influence on investors considering an investment into the equity market by an active or passive portfolio management approach.