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L'impact de la taille de l'actif sous gestion sur la performance des fonds de placement collectif

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  • Linh Tran Dieu

Abstract

Weanalyze the impact of fund size on fund performance. Using a sample of equity funds in the French market for the period from 2002 to 2014, we obtain a U-inverse relation between these two variables. Fund performance increases first and then decreases with fund size as assets under management reach a critical size. This result highlights the conflict of interest between investors and fund managers. Being payed a percentage of assets under management, fund managers try to maximize the fund?s size. An increase in fund assets, favorable to the manager, may negatively impact fund performance. Classement JEL?: G20, G23, G20.

Suggested Citation

  • Linh Tran Dieu, 2018. "L'impact de la taille de l'actif sous gestion sur la performance des fonds de placement collectif," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 285-316.
  • Handle: RePEc:cai:refaef:ecofi_131_0285
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    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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