Meeting of the SREP Sub-Committee INVESTMENT PLAN FOR NEPAL

However, superior performance in the past does not necessarily mean that it will continue into the future. This is because superior performance may be due to either a manager’s skill or good luck. Therefore, it is interesting to understand the characteristics of funds and to know what caused the performance; this helps investors to understand how to select their fund manager. This literature survey chapter is organised as follows. Section 2.2 surveys the writings related to performance measures and empirical evidence to do with them in the developed markets. Section 2.3 surveys the literature on persistence in mutual...