
	Investment EMH The Stock Market is Efficient Only a minority of actively managed mutual funds beat the S&P index Active management Liu. Roughly half of "mutual funds" are actually "closet indexers" - essentially index funds that are technically "actively managed" to justify higher fees Active management. International Financial Markets are Not Efficient Equity home bias puzzle - Most investors hold small amounts of foreign equity despite having a comparative advantage doing so. That being said, this irrational bias has shrunk over time. Equity home bias puzzle Feldstein–Horioka puzzle - assuming perfect capital mobility, there should be minimal correlation between the amount of savings by a country and the amount of investment in that country. In reality, however, there is significant correlation Feldstein–Horioka puzzle. Wikipedia contributors. (2020, September 4). Active management. In Wikipedia, The Free Encyclopedia. Retrieved 15:44, September 29, 2020, from https://en.wikipedia.org/w/index.php?title=Active_management&oldid=976753427 Liu, B. Preston, H. (2018). SPIVA® Institutional Scorecard: How Much Do Fees Affect the Active versus Passive Debate? https://www.spglobal.com/spdji/en//documents/spiva/research-spiva-institutional-scorecard-how-much-do-fees-affect-the-active-versus-passive-debate-year-end-2018.pdf Wikipedia contributors. (2019, December 4). Equity home bias puzzle. In Wikipedia, The Free Encyclopedia. Retrieved 20:52, September 9, 2020, from https://en.wikipedia.org/w/index.php?title=Equity_home_bias_puzzle&oldid=929180771 Wikipedia contributors. (2020, July 9). Feldstein–Horioka puzzle. In Wikipedia, The Free Encyclopedia. Retrieved 20:52, September 9, 2020, from https://en.wikipedia.org/w/index.php?title=Feldstein%E2%80%93Horioka_puzzle&oldid=966830962

Investment EMH

The Stock Market is Efficient

Only a minority of actively managed mutual funds beat the S&P index Active management Liu.
Roughly half of "mutual funds" are actually "closet indexers" - essentially index funds that are technically "actively managed" to justify higher fees Active management.

International Financial Markets are Not Efficient

Equity home bias puzzle - Most investors hold small amounts of foreign equity despite having a comparative advantage doing so. That being said, this irrational bias has shrunk over time. Equity home bias puzzle
Feldstein–Horioka puzzle - assuming perfect capital mobility, there should be minimal correlation between the amount of savings by a country and the amount of investment in that country. In reality, however, there is significant correlation Feldstein–Horioka puzzle.

Wikipedia contributors. (2020, September 4). Active management. In Wikipedia, The Free Encyclopedia. Retrieved 15:44, September 29, 2020, from https://en.wikipedia.org/w/index.php?title=Active_management&oldid=976753427 Liu, B. Preston, H. (2018). SPIVA® Institutional Scorecard: How Much Do Fees Affect the Active versus Passive Debate? https://www.spglobal.com/spdji/en//documents/spiva/research-spiva-institutional-scorecard-how-much-do-fees-affect-the-active-versus-passive-debate-year-end-2018.pdf Wikipedia contributors. (2019, December 4). Equity home bias puzzle. In Wikipedia, The Free Encyclopedia. Retrieved 20:52, September 9, 2020, from https://en.wikipedia.org/w/index.php?title=Equity_home_bias_puzzle&oldid=929180771 Wikipedia contributors. (2020, July 9). Feldstein–Horioka puzzle. In Wikipedia, The Free Encyclopedia. Retrieved 20:52, September 9, 2020, from https://en.wikipedia.org/w/index.php?title=Feldstein%E2%80%93Horioka_puzzle&oldid=966830962