On the Size of the Active Management Industry
---- Acknowledgements ----
We are grateful for comments from Andrew Ang, Amil Dasgupta, Lord John Eatwell, Gene Fama, Vincent Glode, Will Goetzmann, Rick Green, Rich Kihlstrom, Ralph Koijen, Kim Min, Dimitris Papanikolaou, Monika Piazzesi, Luke Taylor, Rob Vishny, Guofu Zhou, three anonymous referees, workshop participants at Chicago, Drexel, Emory, Michigan State, Ohio State, Temple, and Wharton, as well as participants in the meetings of the NBER Asset Pricing Program, Western Finance Association, European Finance Association, Cambridge/Penn conference, HEC Finance and Statistics Conference, Institutional Investor conference at the University of Texas at Austin, CFA Annual Conference, and Q-Group. Support as an Initiative for Global Markets Visiting Fellow (Stambaugh) at the University of Chicago is gratefully acknowledged. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.