Where Investment Performance Comes From
Author: Robert Ferguson
Where Investment Performance Comes From. Acting on the theory that the source of investment performance is estimation …
Acting on the theory that the source of investment performance is estimation error, the author takes us on a nontraditional path, making some fresh observations along the way: that estimation error leads investors to believe securities are mispriced when they are not; and that estimation error has an additional impact when the analysis takes into account investors' impact on initial prices as they take positions.
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