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Title: Do fund flows moderate persistence? Evidence from a global study
Authors: Miguel, A.
Keywords: Mutual fund persistence
Fund flows
Returns to scale
Berk and Green model
Issue Date: 2021
Publisher: Routledge
Abstract: We investigate whether fund flows eliminate future abnormal performance and persistence as in Berk and Green (2004) using a sample of open-end domestic equity mutual funds from 32 countries. We show that flows have only a small moderating effect on persistence even in the United States, where fund industry conditions most closely resemble the Berk and Green assumptions. In fact, we find that most countries do not have decreasing returns to scale in fund management and, as a result, flows have limited impact on mutual fund performance persistence.
Peer reviewed: yes
DOI: 10.1080/1351847X.2020.1830820
ISSN: 1351-847X
Accession number: WOS:000579403100001
Appears in Collections:BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica

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