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Performance of Active and Passive Management of Korea's NPS Funds
- Authors
- Chung, Jay M.; Khil, Jaeuk; Shin, Jhinyoung
- Issue Date
- Aug-2017
- Publisher
- 한국증권학회
- Keywords
- Active management; Equity fund; Fund performance; National Pension Service; Passive management
- Citation
- Asia-Pacific Journal of Financial Studies, v.46, no.4, pp 535 - 557
- Pages
- 23
- Indexed
- SSCI
SCOPUS
KCI
- Journal Title
- Asia-Pacific Journal of Financial Studies
- Volume
- 46
- Number
- 4
- Start Page
- 535
- End Page
- 557
- ISSN
- 2041-9945
2041-6156
- Abstract
- We evaluate the performance and the performance persistence of actively and passively managed domestic equity funds of Korea's National Pension Service (the NPS) during the period 2002 to 2011. The results show that active funds did not statistically outperform passive funds during the sample period, and the superior performance of some active funds was driven not by skill but by luck. Our results are consistent with those of earlier research on US institutional investment products, and provide empirical support for the NPS's recent shift in investment policy from active management to passive management.
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