Choi, Yoon K.; Murthi, B.P.S. - In: Journal of Business Finance & Accounting 28 (2001-09) 7&8, pp. 853-876
We propose an alternative mutual fund performance index which addresses the benchmark problem and controls for economies of scale in managing mutual funds. We advance a new concept of 'return-cost' efficiency as another important element in evaluating portfolio management, in addition to the...