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http://hdl.handle.net/10071/7216
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Title: The Determinants of Mutual Fund Performance: A Cross Country Study
Authors: Ferreira, M. A.
Keswani, A.
Miguel, A. F.
Ramos, S.
Issue Date: Apr-2013
Publisher: Oxford University Press
Abstract: We use a new data set to study the determinants of the performance of open-end actively managed equity mutual funds in 27 countries. We find that mutual funds underperform the market overall. The results show important differences in the determinants of fund performance in the USA and elsewhere in the world. The US evidence of diminishing returns to scale is not a universal truth as the performance of funds located outside the USA and funds that invest overseas is not negatively affected by scale. Our findings suggest that the adverse scale effects in the USA are related to liquidity constraints faced by funds that, by virtue of their style, have to invest in small and domestic stocks. Country characteristics also explain fund performance. Funds located in countries with liquid stock markets and strong legal institutions display better performance.
Description: WOS:000315217100001 (Nº de Acesso Web of Science)
Peer reviewed: Sim
URI: https://ciencia.iscte-iul.pt/public/pub/id/6293
http://hdl.handle.net/10071/7216
ISSN: 1572-3097
Publisher version: The definitive version is available at: http://dx.doi.org/10.1093/rof/rfs013
Appears in Collections:BRU-RI - Artigo em revista científica internacional com arbitragem científica
DF-RI - Artigos em revistas internacionais com arbitragem científica

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