The present study investigates the performance of New Zealand mutual funds using a survivorship-bias controlled sample of 143 funds for the period of 1990-2003. Our overall results suggest that New Zealand mutual funds have not been able to provide out-performance. Alphas for equity funds, both...

In the present paper a comprehensive assessment of existing mutual fund performance models is presented. Using a survivor-bias free database of all US mutual funds, we explore the added value of introducing extra variables such as size, book-to-market, momentum and a bond index. In addition to...