Hu, Jin-Li; Chang, Tzu-Pu; Chou, Ray - In: Journal of Productivity Analysis 41 (2014) 1, pp. 141-151
diversification. The empirical results indicate that concentration strategy may not be appropriate for fund managers, and the benefit …This paper investigates the non-monotonic and non-linear effect of diversification on mutual fund performance. We apply … of diversification disappears or negatively affects performance when a fund holds too large a number of different stocks …