Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
7356675 | Journal of Banking & Finance | 2018 | 24 Pages |
Abstract
The academic literature has found mixed evidence that fund size is negatively related to performance. One reason for the lack of consensus may be that the fund size and performance relation is endogenous. In this paper, we identify a set of instrumental variables that influence fund size but are unrelated to expected fund performance. Using this specification, we show that fund size does not appear to affect fund performance.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Blake Phillips, Kuntara Pukthuanthong, P. Raghavendra Rau,