Study finds private equity differs markedly across Asia
| May 13th, 2010 | Filed under: Academic Research, Private Equity, Today's Post | By: Alpha Male |
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When you think about it, alpha isn’t really a physical “thing.” It’s the effect, or result of a thing. That thing is market inefficiency. If markets were perfectly efficient and it was impossible to gain an informational advantage, then some managers would continue to out-perform in the short-run – fueled not by skill, but by random chance. However, when markets are informationally inefficient, they allow some managers to maintain out-performance beyond what can be explained by random chance alone. Of course, the opposite must also be true – that some managers have dry spells that extend beyond what chance alone would dictate. More…
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