This paper examines how mutual funds respond to constraints imposed by asset growth. We find a fund's decision to switch management structure to be largely driven by asset growth. However, we find little evidence that changes in management structure are associated with superior fund performance,...

Theoretical and empirical evidence on the relationship between institutions and economic prosperity remains ambiguous, even though it has been part of scholarly discourse for decades. The present study adds to this discussion by introducing a bundled approach for measuring institutions. This...