How much does tax erode fund excess returns?
نویسندگان
چکیده
منابع مشابه
How Much Does Size Erode Mutual Fund Performance? A Regression Discontinuity Approach
The two main stylized facts in the mutual fund literature are that funds exhibit little ability to persistently outperform their peers, but that new money flows into funds with the highest past returns. The traditional interpretation is that fund managers are unskilled and fund investors are unsophisticated. Berk and Green (2004) offer an alternative, arguing that more-skilled managers will man...
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ژورنال
عنوان ژورنال: Accounting & Finance
سال: 2019
ISSN: 0810-5391,1467-629X
DOI: 10.1111/acfi.12483