Mutual funds withdraw shield: performance or agency costs driver?

Carlos Alves and Helena Mouta

Economics and Business Letters, 2012, vol. 1, issue 1, 30-34

Abstract: In this paper, using a unique database, we compare the performance of a set of equity mutual funds to a set of equity savings funds, which are similar to equity mutual funds in all but one characteristic: the tax regime that strongly penalizes withdrawals from equity savings funds. We found evidence consistent with the hypothesis that mutual funds less subject to liquidity shocks exhibit higher performances.

Date: 2012
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