Greater skill of active investment managers can mean less fee revenue in a general equilibrium. Although more … portfolio choices. Greater skill also means, however, that active management corrects prices better and thus reduces managers … rationally allocate less to active funds and more to index funds if active management is more skilled …

We empirically analyze the nature of returns to scale in active mutual fund management. We find strong evidence of … that avoid econometric biases are insignificant. We also find that the active management industry has become more skilled …

We empirically analyze the nature of returns to scale in active mutual fund management. We find strong evidence of … that avoid econometric biases are insignificant. We also find that the active management industry has become more skilled …

We empirically analyze the nature of returns to scale in active mutual fund management. We find strong evidence of … avoid econometric biases are insignificant. We also find that the active management industry has become more skilled over …

We empirically analyze the nature of returns to scale in active mutual fund management. We find strong evidence of … econometric biases are insignificant. We also find that the active management industry has become more skilled over time. This …

We empirically analyze the nature of returns to scale in active mutual fund management. We find strong evidence of … avoid econometric biases are insignificant. We also find that the active management industry has become more skilled over …