Do Mutual Funds Have Decreasing Returns to Scale? Evidence from Fund Mergers
Using mergers as shocks to fund size, I analyze the return-to-scale property of mutual funds. I find that acquiring funds' performance deteriorates after experiencing a positive shock in size resulting from mergers, and liquidity plays an important role in the negative relationship between size...
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| Format: | Article |
| Language: | English |
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Cambridge University Press
2019
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| Online Access: | View Fulltext in Publisher |