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Mutual Fund Performance Persistence And Competition: A Cross-Sector Analysis

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  • Aneel Keswani
  • David Stolin

Abstract

Existing work on mutual fund performance persistence obtains diverse results, depending on the group of funds studied. We examine whether performance persistence within a peer group of competing mutual funds depends on the group's composition. The U.K. mutual fund industry is ideal for such an examination because funds compete within strictly defined sectors. We consider several attributes related to the intensity of competition within a sector and use them to explain sector-level persistence. We find robust evidence that persistence is higher in sectors where concentration of assets under management is higher. 2006 The Southern Finance Association and the Southwestern Finance Association.

Suggested Citation

  • Aneel Keswani & David Stolin, 2006. "Mutual Fund Performance Persistence And Competition: A Cross-Sector Analysis," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 29(3), pages 349-366.
  • Handle: RePEc:bla:jfnres:v:29:y:2006:i:3:p:349-366
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    Cited by:

    1. In, Francis & Kim, Martin & Park, Raphael Jonghyeon & Kim, Sangbae & Kim, Tong Suk, 2014. "Competition of socially responsible and conventional mutual funds and its impact on fund performance," Journal of Banking & Finance, Elsevier, vol. 44(C), pages 160-176.
    2. Sylvain Bourjade & Crina Pungulescu & David Stolin, 2016. "Voting against absent directors," Economics Bulletin, AccessEcon, vol. 36(2), pages 901-912.
    3. repec:eee:ecmode:v:70:y:2018:i:c:p:29-39 is not listed on IDEAS
    4. repec:eee:revfin:v:34:y:2017:i:c:p:50-60 is not listed on IDEAS
    5. repec:bla:coecpo:v:35:y:2017:i:2:p:278-291 is not listed on IDEAS
    6. Sophie Xiaofei Kong & Dragon Yongjun Tang, 2008. "Unitary Boards And Mutual Fund Governance," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 31(3), pages 193-224.

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