• Corpus ID: 167738860

Why is Persistent Mutual Fund Performance so Difficult to Achieve? The Impact of Management Turnover and Fund Flows

@inproceedings{Bessler2008WhyIP,
  title={Why is Persistent Mutual Fund Performance so Difficult to Achieve? The Impact of Management Turnover and Fund Flows},
  author={Wolfgang Bessler and David Blake and Peter L{\"u}ckoff and Ian Tonks},
  year={2008}
}
The objective of this research is to investigate the impact that fund flows and management turnover have on the investment performance of actively managed equity mutual funds over time. Both fund flows and manager turnover have been identified in the literature as relevant factors that can significantly affect performance persistence. We analyze which of these factors has a stronger impact and how they interact. Using a sample of 3,948 U.S. equity mutual funds for the period from 1992 to 2007… 
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