%0 Journal Article %A Robert M. Korkie %A Harry J. Turtle %T What's a Portfolio Manager Worth? %D 2002 %R 10.3905/jpm.2002.319833 %J The Journal of Portfolio Management %P 65-73 %V 28 %N 2 %X This article derives and applies a performance measure of a portfolio manager's value–added called “style pricing.” The value–added is obtained by treating the per period payoffs from the managed portfolio as a financial claim, contingent on the payoffs from other marketed assets. The relevant marketed assets are those that describe the style of the managed portfolio's returns in a precise way. The price of the contingent claim is obtained using martingale methods so that there is zero arbitrage between the portfolio's payoffs and the payoffs from the replicating contingent claim. As the authors explain, the style pricing approach may be applied to any management style, is directly measured in dollars, and is readily comparable to the portfolio manager's remuneration and the fees payable. %U https://jpm.pm-research.com/content/iijpormgmt/28/2/65.full.pdf