fund manager and probably also charging fees similar to those of truly active managers. Recent work shows active mutual … fund managers were much more likely to closet index during down markets. Indeed, closet indexing became so popular that it … question of whether there actually is an incentive for mutual fund managers to closet index during down markets. To do this we …

fund manager and charging active-management fees. Recent work shows that active mutual fund managers are more likely to … incentive for mutual fund managers to closet index during down markets. We examine the relationship between annual fund … conclude that active managers have an incentive to closet index in down markets …