Brown, Stephen J.; Goetzmann, William N.; Hiraki, Takato; … - In: The Japanese finance : corporate finance and capital …, (pp. 11-33). 2003
The increased market share of foreign investment trusts in Japan may be attributed to the fact that Japanese managers have dramatically underperformed benchmarks. Recently, we showed that this underperformance can be attributed to a unique Japanese tax environment. Using data from 1998 though...