Using data from 1993 to 2002 for eight developed and fifteen emerging markets, we find that return correlations, mean-variance spanning, and Sharpe ratio tests support that closed-end country funds (CECF) can mimic their corresponding foreign indices, and that they are more heavily influenced by...

This paper explores the behavior of emerging market mutual funds using a novel database covering the holdings of individual funds over the period Januar 1996 to March 1999. An examination of individual crises shows that, on average, funds withdrew money one month prior to the events. The degree...