Clifford, Christopher P.; Jordan, Bradford D.; Riley, … - In: Journal of Empirical Finance 28 (2014) C, pp. 249-260
The top 5% of actively managed U.S. equity mutual funds in 2012 had greater aggregate TNA than the remaining 95% of funds combined. This skewness in size has implications for mutual fund research: What is true of the average fund is not necessarily true of the average dollar. We explore several...