F. Aftalion et P. Poncet have developed a methodology for evaluating mutual funds performance. This methodology is extended here to analyze the ability of "market-timing" and "stock picking" fund managers. The method is applied to a French SICAV (AGF-OBLIG).
AFTALION, F. (1992). Méthode d'analyse des OPCVM : application à AGF - Oblig. ESSEC Business School.