The present study examines a series of performance measures as\udan attempt to resolve the ex post verification problem. These measures are employed to test the performance persistence hypothesis of\uddomestic equity funds in Greece, during the period 1998-2004. Correctly adjusting for risk factors and documented portfolio strategies\udexplains a significant part of the reported persistence. The intercept of the augmented Carhart regression is proposed as the most appro-\udpriate performance measure. Using this measure, weak evidence for persistence, only before 2001, is documented. The growth of the fund\udindustry, the direction of flows to past winners and the integration in the international nancial system are suggested to be the reasons for\udthe absence of performance persistence.
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