MALKIEL, Burton G.
The Journal of Finance: Returns from Investing in Equity Mutual Funds 1971 to 1991.
University of Chicago: The Journal of Finance , 1995.
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Facsimile Offprint of the June 1995 Issue of The Journal of Finance, Containing Burton Malkiel's "Returns from Investing in Equity Mutual Funds 1971 to 1991"; Signed by Him and From His Own Personal Collection
Facsimile offprint of the June 1995 issue of The Journal of Finance, containing Burton Malkiel's article "Returns from Investing in Equity Mutual Funds 1971 to 1991." Octavo, original wrappers, volume 50 number 2. Boldly signed by Burton Malkiel on the front wrapper. Burton Gordon Malkiel (born 1932) is one of the most consequential financial economists of the postwar American academy, whose career as scholar, institutional leader, and public intellectual has made him a central figure at the intersection of investment theory, market efficiency, and public policy. Educated at Harvard and Princeton, where he spent the most productive decades of his career as Chemical Bank Chairman’s Professor of Economics, Malkiel also served as Dean of the Yale School of Management from 1981 to 1988 and as a member of the President’s Council of Economic Advisers under Gerald Ford from 1975 to 1977. His scholarly output encompasses foundational contributions across the term structure of interest rates, convertible security valuation, corporate capital structure, closed-end fund discounts, mutual fund performance, and gender pay differentials in professional employment, producing a body of work whose empirical breadth places him among the most versatile financial economists of his generation. His long service on the board of directors of The Vanguard Group connects his academic advocacy for passive investing to the institutional infrastructure that has most fully realized it in practice. It is nevertheless A Random Walk Down Wall Street, first published in 1973 and now in its thirteenth edition, that secured his place in the broader culture: a work of lucid, empirically grounded argument for market efficiency and index fund investing that has sold over 1.5 million copies and permanently altered the investment behavior of millions of individual investors worldwide. From the personal collection of Burton Malkiel. In near fine condition.
"Returns from Investing in Equity Mutual Funds 1971 to 1991," published in The Journal of Finance, Volume 50, Number 2, June 1995, is among the most consequential and widely cited empirical papers in the literature on active portfolio management and the efficient market hypothesis, representing a direct and rigorous evidentiary foundation for the conclusions Burton G. Malkiel had been advancing in successive editions of A Random Walk Down Wall Street since 1973. The study utilizes a unique dataset including returns from all equity mutual funds existing each year, constructed with the support of Lipper Analytic Services and Princeton University's Center for Economic Policy Studies, enabling a more precise examination of fund performance and the extent of survivorship bias than prior studies had been able to achieve. The central findings were both clear and damaging to the case for active management: in the aggregate, funds underperformed benchmark portfolios both after management expenses and even gross of expenses, while the performance persistence documented in earlier studies for the 1970s was found to largely disappear in the 1980s, when funds with strong prior records did not systematically outperform going forward. Malkiel specifically examined survivorship bias, the fact that poor performing mutual funds tend to disappear commonly by merging into more successful funds, thereby burying the fund's bad record, demonstrating that studies failing to account for this bias systematically overstated the returns available to investors in actively managed funds. The paper has been cited in hundreds of subsequent studies on mutual fund performance, asset management fees, and market efficiency, and stands as one of the most important pieces of empirical evidence supporting the case for index fund investing that Malkiel has championed throughout his career.
The Journal of Finance: Returns from Investing in Equity Mutual Funds 1971 to 1991.
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