@article {Blitzer17, author = {David M. Blitzer and Srikant Dash}, title = {Does Active Management Work for Small-Cap Stocks?}, volume = {2003}, number = {1}, pages = {17--20}, year = {2003}, publisher = {Institutional Investor Journals Umbrella}, abstract = {It is commonly believed that active funds perform better than indices in the small-cap market because of that market{\textquoteright}s relative inefficiency. In this article, we show that two issues{\textemdash}measurement techniques and benchmark selection{\textemdash}significantly affect any evaluation of active-management performance in small-caps. Specifically, we argue that correcting for survivorship bias, using asset-weighted fund returns, and substituting the S\&P SmallCap 600 for the Russell 2000 as a benchmark paints a far less rosy picture of active management in small-caps than is commonly believed.}, URL = {https://guides.pm-research.com/content/2003/1/17}, eprint = {https://guides.pm-research.com/content/2003/1/17.full.pdf}, journal = {Special Issues} }