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Equity funds in emerging Asia: Does size matter?

Haoyuan Ding (), Huanhuan Zheng and Chenqi Zhu

International Review of Economics & Finance, 2015, vol. 35, issue C, 149-165

Abstract: Applying a novel data set that covers the emerging Asia equity funds over a period from 2003 to 2009 at weekly frequency, we provide evidence of the existence of a U-shaped relationship between fund size and performance. Moreover, we find that (i) the size-performance relation is highly dependent on targeted investment markets. Using an endogenous regime switching model, we provide evidence of the different shapes (U-shaped and inverted U-shape) of size-performance relations for funds targeted at two types of countries (developing and newly advanced countries); (ii) the significant size-performance relation only comes from the non-crisis period.

Keywords: Fund size; Size–performance relationship; Investment markets; Credit crunch (search for similar items in EconPapers)
JEL-codes: G11 G23 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:35:y:2015:i:c:p:149-165

DOI: 10.1016/j.iref.2014.09.012

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