Herold, Ulf; Maurer, Raimond - Fachbereich Wirtschaftswissenschaft, Goethe … - 2008
positions alter the risk profile of the portfolio substantially, and the appeal of active management – to provide active returns … commonly used alpha – tracking error criterion is not sufficient for active management. In addition, structural positions … complicate measuring managers’ skill. The paper also develops normative implications for active portfolio management. Tactical …