GUERCIO, DIANE DEL; REUTER, JONATHAN - In: Journal of Finance 69 (2014) 4, pp. 1673-1704
type="main" <title type="main">ABSTRACT</title> <p>To rationalize the well-known underperformance of the average actively managed mutual fund, we exploit the fact that retail funds in different market segments compete for different types of investors. Within the segment of funds marketed directly to retail investors, we show...</p>