search query: @author Chan, K. C. / total: 7
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| Author: | Cai, J. Chan, K. C. Yamada, T. |
| Title: | The performance of Japanese mutual funds |
| Journal: | Review of Financial Studies
1997 : SUMMER, VOL. 10:2, p. 237-273 |
| Index terms: | UNIT TRUSTS JAPAN PERFORMANCE APPRAISAL |
| Language: | eng |
| Abstract: | This article investigates the performance of Japanese open-type equity mutual funds. The poor performance was pervasive among the different companies examined. The results are robust to the methodology and the benchmarks portfolios used. The possibility is considered that managers tilted their portfolios toward large and glamour firms relative to the single-market index, thus using a single-index benchmark may result in spurious underperformance measures. The article finally carries explanations related to institutional features of the mutual fund industry: the exessive turnover, transaction expenses, or the dilution effect from fund inflows caused by the difference between NAV and the share prices based on after-tax value. |
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