Do Managers of Active Norwegian Funds Possess Stock-Picking Skills?
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This thesis evaluates fund managers of active Norwegian funds from 1987-2019. Using the Carhart (1997) four-factor model as the primary performance model and the bootstrap methodology of Kosowski et al. (2006), I answer the following questions: Are there Norwegian active funds that manage to produce significant positive alpha? Can we conclude on the best and worst performances not being a result of luck but rather a result of fund managers’ stock-picking skills and lack thereof, respectively?