Karoui, Aymen; Meier, Iwan - In: The European Journal of Finance 15 (2009) 5-6, pp. 487-509
We study the performance and portfolio characteristics of 828 newly launched US equity mutual funds over the period 1991-2005. These fund starts initially earn, on average, higher excess returns and higher abnormal returns. Their risk-adjusted performance is also superior to existing funds....