Cai, Jun; Chan, K C; Yamada, Takeshi - In: Review of Financial Studies 10 (1997) 2, pp. 237-73
We analyze the performance of Japanese opentype stock mutual funds for the 1981-1992 period. The results show that, regardless of the performance measures and benchmarks employed, most of the Japanese mutual funds underperform the benchmarks by between 3.6% and 10.8% per annum. These funds tend...