Performance of top quintile sorted by net (post-fee) performance
| Horizon | Value added | Frequency | p-value | ||||
|---|---|---|---|---|---|---|---|
| Q1 | Median | Zero | Q1 | Median | Zero | ||
| Panel A: Net value added | |||||||
| 1 year | 0.7434 | 55.75% | 65.26% | 65.52% | 0.09% | 0.00% | 0.00% |
| 3 years | 0.5636 | 62.63% | 73.35% | 73.66% | 0.00% | 0.00% | 0.00% |
| 5 years | 0.5921 | 74.86% | 82.88% | 82.88% | 0.00% | 0.00% | 0.00% |
| Panel B: Net alpha | |||||||
| 1 year | 0.8452 | 66.05% | 69.22% | 69.75% | 0.00% | 0.00% | 0.00% |
| 3 years | 0.6337 | 75.80% | 77.18% | 77.64% | 0.00% | 0.00% | 0.00% |
| 5 years | 0.6106 | 80.51% | 85.25% | 85.97% | 0.00% | 0.00% | 0.00% |
| Horizon | Value added | Frequency | |||||
|---|---|---|---|---|---|---|---|
| Q1 | Median | Zero | Q1 | Median | Zero | ||
| 1 year | 0.7434 | 55.75% | 65.26% | 65.52% | 0.09% | 0.00% | 0.00% |
| 3 years | 0.5636 | 62.63% | 73.35% | 73.66% | 0.00% | 0.00% | 0.00% |
| 5 years | 0.5921 | 74.86% | 82.88% | 82.88% | 0.00% | 0.00% | 0.00% |
| 1 year | 0.8452 | 66.05% | 69.22% | 69.75% | 0.00% | 0.00% | 0.00% |
| 3 years | 0.6337 | 75.80% | 77.18% | 77.64% | 0.00% | 0.00% | 0.00% |
| 5 years | 0.6106 | 80.51% | 85.25% | 85.97% | 0.00% | 0.00% | 0.00% |
Note(s): For each horizon, the table reports whether the top quintile's future value added exceeds (1) the bottom quintile, (2) the cross-sectional median, and (3) zero. Value added refers to the average weekly value created by top-quintile funds, measured in 100 million KRW units. Frequency denotes the proportion of observations in which the top-quintile average future performance exceeds each benchmark