Empirical evidence from the UK market is examined in the light of recent theories about closed-end fund discounts. Market pricing of skill, relative to the fees charged for it, accounts for a significant portion of discount variation, but cannot explain the rarity of index funds or why they...

This paper aims to compare the performance of UK Investment Trusts against a relevant ETF. Monthly returns for 13 Investment Trusts and 5 ETFs covering 5 different regions have been utilised to calculate both unadjusted and risk-adjusted returns, allowing for a comparison between active and...

This paper explores the effects of competition on risk-taking behavior and firm performance within the financial services industry. It does so by exploiting a regulatory change that allowed new players to enter the British mutual fund industry. Exploiting this regulatory shock, we trace...

This paper examines the performance of 358 European diversified equity mutual funds controlling for gender differences. Fund performance is evaluated against funds' designated market indices and representative style portfolios. Consistently with previous studies, no significant differences in...