Brown, Gavin; Draper, Paul; McKenzie, Eddie - In: Journal of Business Finance & Accounting 24 (1997-03) 2, pp. 155-178
"Transition matrix techniques are used to relate the past and present performance of pension fund portfolios. In particular, funds are ranked to study the tendency of portfolios to remain in the same quartile of the ranking as they were in the previous period. For raw returns, funds in both of...