• market timing
• Style Analysis
• measure of performance
• linear regression
• active management

The thesis aims to highlight the study of a new measure of performance that measures the quality of active management, trying to consider the manager's timing skills.
The first part reviews all the relevant literature on the topic, in particular the topics covered are market efficiency, passive and active management, style analysis and performance measures. In the second part, the focus is on the experiment carried out, which involves the simulation of active managements that have a certain percentage of success in acting in the correct way and it was tested if the new measure introduced with this work is capable of trace the manager's performance.