本帖收集了一些关于mutual fund主动管理与被动管理（active vs. passive management）的比较，以及与有效市场假设的关系，持续更新中。。。

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附件中包括：

• Scale and Skill in Active Management, Pastor, Stambaugh, and Taylor, 2013
• A Case for Index Fund Portfolio, Richard Ferri, 2013
  
• On the Size of the Active Management Industry, Pastor and Stambaugh, 2012
• Luck versus Skill in the Cross-Section of Mutual Fund Returns, Fama and French, The Journal of Finance, 2010
• The Case for Passive Indexing, Aswath Damodaran, NYU, 2010
  
• Do Mutual Funds Time the Market? Evidence from Portfolio Holdings, Jiang et al, Journal of Financial Economics, 2007
• Reflections on the Efficient Market Hypothesis, Malkiel, 2005
• Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization, Chen et al, American Economic Review, 2004
• Passive Investment Strategies and Efficient Markets, Malkiel, 2003
• Mutual Fund Performance: An Empirical Decomposition into Stock-Picking Talent, Style, Transactions Costs, and Expenses, Wermers, The Journal of Finance, 2000
• The Value of Active Mutual Fund Management: An Examination of the Stockholdings and Trades of Fund Managers, Chen et al, The Journal of Financial and Quantitative Analysis, 1999
• Measureing Mutual Fund Performance with Characteristic-Based Benchmarks, Daniel et al, The Journal of Finance, 1997
• The Persistency of Risk-adjusted Mutual Fund Performance, Elton et al, 1995
  
  

另外，标准普尔和Vanguard每年都会发布主动基金和被动基金的总结报告Persistence Scorecard和The Case for Indexing（见附件）。