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OUP accepted manuscript
2019
Review of Finance
We study active investment skills in relation to returns to scale in the active mutual fund industry. Using a sample of 13,807 funds from sixteen domicile countries investing in forty-two equity markets from 2001 to 2014, we find that they achieve negative trading performance on average, driven mainly by particularly low returns to their trades in US equities. Exploring their investment environment, we find convincing evidence of decreasing returns to scale around the world, especially for the
doi:10.1093/rof/rfz014
fatcat:npq722bchfgkza7cvexkwef56q