How Does Size Affect Mutual Fund Performance? Evidence from Mutual Fund Trades

• Main Authors: Busse, Jeffrey, Chordia, Tarun, Jiang, Lei, TANG, Yuehua
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2013
• 主題: Mutual funds; transaction costs; fund size; stock size; fund performance; Business
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research_smu/154; https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1260&context=lkcsb_research_smu

This paper uses a unique sample of actual fund trades combined with fund portfolio holdings to investigate why larger mutual funds underperform smaller-size funds. Contrary to the idea that larger funds experience greater transaction costs, we find precisely the opposite: larger funds experience low...