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In this paper we add several new perspectives to the growing body of empirical evidence on the investment performance of international mutual funds by applying a pooled cross‐sectional/time‐series regression methodology to a large data base over an extended period. Risk‐adjusted and unadjusted investment returns are not related to whether a fund is load or no‐load, and asset size, expense ratios, and turnover rates are not related to investment performance. We find no reward for paying a load fee when investing in mutual funds. It is noteworthy that performance is not affected by fund size, given the explosive growth of international mutual funds.
The Journal of Financial Research – Wiley
Published: Mar 1, 1994
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