Blake,Elton and Gruber (1993)find that most bond funds have __________ indicating underperformance.

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Most of the research has concentrated on domestic equity funds.However,there is also some evidence concerning the performance of other types of funds.Droms and Walker (1994)find no evidence of consistent superior performance of international equity funds.Similarly,Blake,Elton and Gruber (1993)find that the majority of bond funds have negative alphas,consistent with underperformance.Moreover,for the bond funds with positive alphas,Blake et al.find that once an adjustment is made for the average fee level,the value of the alpha falls to close to zero.

Blake,Elton and Gruber (1993)find That Most Bond Funds Have __________