The Performance of Japanese Mutual Funds

@inproceedings{Cai1998ThePO,
  title={The Performance of Japanese Mutual Funds},
  author={Jun Yu Jacinta Cai and K. Caleb Chan and Takeshi Yamada},
  year={1998}
}
We analyze the performance of Japanese opentype stock mutual funds for the 1981–1992 period. The results show that, regardless of the performance measures and benchmarks employed, most of the Japanese mutual funds underperform the benchmarks by between 3.6% and 10.8% per annum. These funds tend to invest more in large stocks with low book-to-market ratios. But this feature does not explain the underperformance. A potential explanation is the dilution effect caused by inflows of funds. In Japan… CONTINUE READING
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