Bessler, Wolfgang; Drobetz, Wolfgang; Zimmermann, Heinz - Universität <Gießen> / Fachschaft …; … - 2007
We investigate the performance of a sample of German mutual equity funds overthe period from 1994 to 2003. Our general … benchmarks. Compared to unconditionalmeasures, fund performance substantially deteriorates when we measure conditionalalphas both …, conditional analysisraises the hurdle for active managers seeking abnormal positive performance,because it gives them no credit …