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Journal Article

The Market-Timing Performance of Mutual Fund Managers

Stanley J. Kon
The Journal of Business
Vol. 56, No. 3 (Jul., 1983), pp. 323-347
Stable URL: http://www.jstor.org/stable/2352801
Page Count: 25
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
The Market-Timing Performance of Mutual Fund Managers
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Abstract

This paper proposes an empirical methodology for measuring the market-timing performance of an investment manager and provides evidence for a sample of mutual funds. The results indicate that at the individual fund level there is evidence of significant superior timing ability and performance. However, the multivariate tests were not inconsistent with the efficient markets hypothesis. That is, fund managers as a group have no special information regarding the formation of expectations on the returns of the market portfolio.

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