The Determinants of Mutual Fund Performance: A Cross-Country Study

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CFA Digest
August 2013 | Vol. 43 | No. 3
Source: CFA Institute
Miguel A. Ferreira Aneel Keswani António F. Miguel Sofia B. Ramos
Isaac T. Tabner, CFA, ASIP (Reviewer)



An examination of open-end actively managed mutual funds in multiple countries reveals that U.S. funds that invest domestically have negative scale economies whereas those that invest internationally have positive scale economies. The contrasting results seem to be attributable to differences in available liquidity between the U.S. and non-U.S. investable universes.

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