Active portfolio management is associated with a costly search for information. This paper provides evidence on how this costly search affects the performance of European-based mutual funds that are actively managed and invest in Asia and Europe. The paper examines both the search for superior stocks by fund managers and the search by unit-linked funds for superior fund managers. Moreover, performance and the impact of geographical distance between the fund and the market are examined.
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Length: 29 pages Date of creation: 26 May 2000 Date of revision:
10 Nov 2001 Publication status: Published in Pacific-Basin Finance Journal, 2003, pages 463-482. Handle: RePEc:hhs:hastef:0385
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