{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,14]],"date-time":"2026-10-14T12:51:38Z","timestamp":1791982298377,"version":"4.4.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":12,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Paper I decomposed the active return of an equity book into named analyst and portfoliomanager decisions through a chain of counterfactual portfolios, each decision a single return. This paper asks the question Paper I left open: through which return sources did each decision contribute? Crossing the decision partition with any exact additive decomposition of instrument returns gives a grid of decision \u00d7 source cells. Its row sums are the decision components of the chain and reference convention used Paper I's components under its published convention and its column sums are conventional source attribution. For a xed source construction the column margins do not depend on the decision chain, and for a xed chain the row margins do not depend on the source construction; individual cells depend on both, and that dependence is the information the grid adds. The column set has a natural default for each asset class a factor model for equities, a carrycurvespread split or exact repricing for bonds, a dollar-prot bridge for private equity but any exact decomposition on the common universe can ll it. We demonstrate the crossing on Paper I's rating-dynamics example, where the credit for omitting an analyst BUY that fell is mostly avoided style exposure while the cost of holding a downgraded name is mostly model-unexplained. Applied to Paper I's implementation of the hit-rate and outlier-capture partition, the grid separates ranking on model-unexplained return from the contributions assigned to the specied factors: a constructed BUY list with no stock-specic skill but high loadings scores well on the raw partition in a rising sector; source resolution attributes that performance predominantly to systematic exposure, and the apparent ranking advantage largely disappears when the partition is resorted on modelunexplained return. We apply the grid to xed income under two source engines, reconcile it to a commercial engine's one-day output, carry the decision rows to absolute-return long short books, and treat private equity as a boundary case in which the rows survive and the source cells are not identied. Exact accounting is not evidence of skill; the grid separates sources so that each decision can be tested against its own comparator. Renements to Paper I's conventions are stated in an appendix so that the paper is self-contained.<\/jats:p>","DOI":"10.2139\/ssrn.7601843","type":"posted-content","created":{"date-parts":[[2026,10,14]],"date-time":"2026-10-14T05:38:41Z","timestamp":1791956321000},"source":"Crossref","is-referenced-by-count":0,"title":["Decision-Based Portfolio Attribution II: Linking Decisions to Return Sources"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0007-8367-9838","authenticated-orcid":true,"given":"Kuang Wei","family":"Tan","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","reference":[{"key":"ref1","doi-asserted-by":"crossref","first-page":"121","DOI":"10.1016\/j.jbankfin.2019.05.021","article-title":"A generic framework for monetary performance attribution","volume":"105","author":"J Blomvall","year":"2019","journal-title":"Journal of Banking & Finance"},{"issue":"4","key":"ref2","doi-asserted-by":"crossref","first-page":"39","DOI":"10.2469\/faj.v42.n4.39","article-title":"Determinants of portfolio performance","volume":"42","author":"G P Brinson","year":"1986","journal-title":"Financial Analysts Journal"},{"issue":"3","key":"ref3","first-page":"73","article-title":"Measuring non-US equity portfolio performance","volume":"11","author":"G P Brinson","year":"1985","journal-title":"Journal of Portfolio Management"},{"issue":"4","key":"ref4","first-page":"5","article-title":"Combining attribution effects over time","volume":"3","author":"D R Cari\u00f1o","year":"1999","journal-title":"The Journal of Performance Measurement"},{"key":"ref5","volume":"3450141","author":"C Laforge","year":"2019","journal-title":"Time-based fixed income performance attribution: I. 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Working paper"},{"key":"ref7","author":"A F A Silva","year":"2010","journal-title":"A performance attribution methodology for fixed income portfolios"},{"issue":"4","key":"ref8","first-page":"61","article-title":"Fixed income attribution","volume":"4","author":"G Van Breukelen","year":"2000","journal-title":"Journal of Performance Measurement"},{"key":"ref9","article-title":"Multi-period performance attribution: Framework for an allocation effect taking active weight drift into account","author":"B Leerink","journal-title":"Ortec Finance working paper"},{"key":"ref10","author":"Msci Inc","year":"2025","journal-title":"Asset Class Performance Attribution Model"},{"key":"ref11","author":"A Melnikov","year":"2010","journal-title":"Fixed income attribution: Analyzing sources of return. Master of Financial Risk Management project"},{"key":"ref12","article-title":"A decision-based approach to risk-adjusted performance attribution","author":"A Weber","year":"2024","journal-title":"The Journal of Performance Measurement"}],"container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,10,14]],"date-time":"2026-10-14T12:15:44Z","timestamp":1791980144000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=7601843"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":12,"URL":"https:\/\/doi.org\/10.2139\/ssrn.7601843","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}