Mutual funds withdraw shield: performance or agency costs driver?
AbstractIn this paper, using a unique database, we compare the performance of a set of equity mutual funds to a set of equity savings funds, which are similar to equity mutual funds in all but one characteristic: the tax regime that strongly penalizes withdrawals from equity savings funds. We found evidence consistent with the hypothesis that mutual funds less subject to liquidity shocks exhibit higher performances.
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Bibliographic InfoArticle provided by Oviedo University Press in its journal Economics and Business Letters.
Volume (Year): 1 (2012)
Issue (Month): 1 ()
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