://www.econ.nida.ac.th Performance Return Sharpe (1966), Malkiel (1995), Grinblatt&Keloharju (2000) Ability Selectivity Jensen (1968), Fama&French (1993), Carhart (1997), Wermers (2000), Kosowski (2006), Cuthbertson,et al

Ibbotson (1994), Brown and Goetzmann (1995), Grinblatt, Titman, and Wermers (1995), Gruber (1996), Carhart (1997), Wermers (1999, 2000), Grinblatt and Keloharju (2000) และ Bollen and Busse (2005) เปนต้น

weak to nonexistent. • Barras, Scaillet, and Wermers (2010) document that 75% of funds exhibit zero alpha (net of expenses). Also, there were significant proportion of positive alpha funds prior to 1996

(1), 77-116. Carhart, M. M. (1997). On persistence in mutual fund performance. The Journal of Finance, 52(1), 57-82. Chen, H. L., Jegadeesh, N., & Wermers, R. (2000). The value of active mutual fund