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Calendar of Meetings. (National, State, Examining Boards.) / Nevada State Dental Association / Florida State Dental Society / Georgia State Dental Society / Maine Dental Society / Michigan State Dental Society / Minnesota State Dental Association / Nebraska State Dental Society / Dental Society of the State of New York / New Hampshire Dental Society / Ohio Stale Dental Society / Oklahoma State Dental Society / Oregon Stale Dental Association / South Carolina State Dental Association / South …

1925; American Dental Association; Volume: 12; Issue: 4 Linguagem: Inglês

10.14219/jada.archive.1925.0093

2589-8191

George A. Carr, H.G. Bow, Gary Mitchell, W.F. Fogg, R.G. Keyworth, H.E. King, A.P. Burkhart, W.J. Moyles, E.C. Mills, A.B. Walker, F.W. Hollister, Ernest C. Dye, Chester K. Walker, E. Roy Bier, E.W. Patton, W.E. Hutchison, Arthur B. Holmes, C. Willard Camalier, R.P. Taylor, J.H. Baldwin, G.H. Marven, W.E. Hocking, L.M. Doss, Alexander H. Reynolds, G.G. Kimball, Ernest G. Sloman, W.E. Lowrie, Plumstead Harriett, Helen R. Donehue, Arthur H. Merritt, J. Herbert Hood, James H. Prothero, Frank G. Conklin, Hugo G. Fisher, Ernest V. Madison,

Healthcare Policy and Management

Are portfolio managers skilled or do they trade too much? Using a marked-to-market based “fair-value” method for measuring fund manager skill, we find that institutional managers can potentially earn +42 (+33) basis points benchmark-adjusted return before transaction costs after a holding period of four weeks on their buy (sell) trades. After transaction costs, the benchmark-adjusted return for the buy (sell) trades is +1 (-8) basis points. Pension fund managers outperform money managers. We are unable to detect evidence for overconfidence among pension fund managers over this short-horizon. In addition, we are unable to find evidence of disposition effect among mutual fund managers. Institutions tend to engage in short-term trades with holding period of four weeks (or less) despite only breaking-even or making economically insignificant (modest) benchmark-adjusted losses after round-trip transaction costs for liquidity, risk-management, or tax-minimization reasons. Among these, evidence for liquidity trading motive is the strongest.