Ferreira, Miguel A.; Keswani, Aneel; Miguel, António F.; … - In: Review of Finance 17 (2013) 2, pp. 483-525
We use a new data set to study the determinants of the performance of open--end actively managed equity mutual funds in 27 countries. We find that mutual funds underperform the market overall. The results show important differences in the determinants of fund performance in the USA and elsewhere...