dc.contributor.author | Nikolaisen, Vegard Einarsve | |
dc.contributor.author | Vaseng Skaldehaug, Sindre | |
dc.date.accessioned | 2019-01-10T11:53:21Z | |
dc.date.available | 2019-01-10T11:53:21Z | |
dc.date.issued | 2018 | |
dc.identifier.uri | http://hdl.handle.net/11250/2580182 | |
dc.description | Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2018 | nb_NO |
dc.description.abstract | Actively managed mutual funds and other large asset managers frequently claim
to deliver returns that are above the market average. The sum of these claims may
at first glance appear to be incredible, as they require the existence of inferior
investors for the average to add up. Motivated by this simple arithmetic fact, we
evaluate the claims of above-average performance by seeking to identify the
below-average performers. By building a model that utilizes industry sector
holding values and the returns of industry equity indices, we study the
performance of the owner segments that together constitute the Oslo Stock
Exchange, over the 15-year period from 2003 to 2017. Unexpectedly, we
conclude that there exists a group of investors who pay the arithmetically required
performance penalty for the coexistence of winners. Our results show that private
investors together with central and local government did underperform the market
average, and thus allowed for a market outperformance by other participants. The
model suggests that such outperformance is exhibited by private companies,
mutual funds and foreign investors. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Handelshøyskolen BI | nb_NO |
dc.subject | finans | nb_NO |
dc.subject | finance | nb_NO |
dc.title | The performance of the owner segments at Oslo Stock Exchange | nb_NO |
dc.type | Master thesis | nb_NO |