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Abstract There is much evidence that passive equity strategies dominate active equity management, but many investors remain committed to active investing despite its poor relative performance. We explore the behavioral‐economic hypothesis that investors fall prey to the conjunction fallacy, believing good returns are more likely if investment is accompanied by hard work.
Professional equity managers -- of mutual funds, pension funds or hedge funds -- use a number of methods to try to beat their benchmark index. These broadly fall into one of two camps, “active” and “passive,” and a debate over which gets better results has raged since at least the late 1960s. Passive managers have been able to claim the upper hand by pointing to the well-known tendency of active equity managers to underperform their benchmark index.
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