Performance persistence in the investment literature was a major area of investigation for both academics and practitioners for more than 2 decades. The results from various U.K open – end mutual funds studies are mixed and there is no enough statistical evidence of performance persistence in...

The existing literature of performance persistence of UK investment trusts is limited. We are going to use a sample of 210 UK investment trusts to test performance persistence in different time periods. Berk and Green (2004) suggests that performance persistence and managerial skill are limited...

This article examines UK investment trusts using a sample of 210 investment trusts from the period 1990 to 2006. The sample is free of survivorship bias. We find evidence of long-term managerial positive persistence. Performance is measured by Jensen's alpha based on regression models such as...

Discount persistence explanation from a behavioural point of view is a new area of research for both academics and practitioners. The interactions of both arbitrageurs and noise traders during the life of the fund will enable us to detect the effect of discount persistence based on an investor...

This article provides a detailed analysis of performance persistence using data from Datastream for UK Investment Trusts. We tested for performance persistence by applying a rolling methodology for short-term period of one to three years and of longer horizons over five years. By applying Fama...

This article examines UK investment trusts predictability using a sample of 210 investment trusts from the period 1990 to 2006. The sample is free of survivorship bias. Performance persistence in the investment literature was a major area of investigation for both academics and practitioners for...

This article focuses on the importance of the traditional theories for the existence of the discount in relation to agency costs namely management performance. The argument that discounts reflect the quality of the management has been investigated in the past but the results were inconclusive....

In this article, we extend the three-factor of Fama and French’s (1993) model in order to explain the existence and persistence of the excess discount return. We added two more factors to these four risk measures namely market, size, book-to-market, and momentum. The first one is based on the...

This article examines the performance persistence of 210 UK investment trusts form the period January 1990 to January 2006. We use a sample free of survivorship bias and measure performance using risk adjusted measures. High values of the Treynor, Sharpe and information ratio are an indication...

This article examines the performance and persistence of 210 UK investment trusts using a large survivorship bias-free sample for funds that has terminated, merged or unitized.The methodology that we have used is contingency tables. In order to examine performance persistence we rank the returns...