{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,20]],"date-time":"2026-04-20T02:24:45Z","timestamp":1776651885091,"version":"3.51.2"},"reference-count":55,"publisher":"Oxford University Press (OUP)","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2013,4,1]]},"abstract":"<jats:title>Abstract<\/jats:title>\n               <jats:p>We use a new data set to study the determinants of the performance of open\u2013end actively managed equity mutual funds in 27 countries. We find that mutual funds underperform the market overall. The results show important differences in the determinants of fund performance in the USA and elsewhere in the world. The US evidence of diminishing returns to scale is not a universal truth as the performance of funds located outside the USA and funds that invest overseas is not negatively affected by scale. Our findings suggest that the adverse scale effects in the USA are related to liquidity constraints faced by funds that, by virtue of their style, have to invest in small and domestic stocks. Country characteristics also explain fund performance. Funds located in countries with liquid stock markets and strong legal institutions display better performance.<\/jats:p>","DOI":"10.1093\/rof\/rfs013","type":"journal-article","created":{"date-parts":[[2012,4,19]],"date-time":"2012-04-19T03:28:57Z","timestamp":1334806137000},"page":"483-525","source":"Crossref","is-referenced-by-count":337,"title":["The Determinants of Mutual Fund Performance: A Cross-Country Study"],"prefix":"10.1093","volume":"17","author":[{"given":"Miguel A.","family":"Ferreira","sequence":"first","affiliation":[{"name":"1 Nova School of Business and Economics, 2Cass Business School, and 3Instituto Universit\u00e1rio de Lisboa (ISCTE-IUL)"}]},{"given":"Aneel","family":"Keswani","sequence":"additional","affiliation":[{"name":"1 Nova School of Business and Economics, 2Cass Business School, and 3Instituto Universit\u00e1rio de Lisboa (ISCTE-IUL)"}]},{"given":"Ant\u00f3nio F.","family":"Miguel","sequence":"additional","affiliation":[{"name":"1 Nova School of Business and Economics, 2Cass Business School, and 3Instituto Universit\u00e1rio de Lisboa (ISCTE-IUL)"}]},{"given":"Sofia B.","family":"Ramos","sequence":"additional","affiliation":[{"name":"1 Nova School of Business and Economics, 2Cass Business School, and 3Instituto Universit\u00e1rio de Lisboa (ISCTE-IUL)"}]}],"member":"286","published-online":{"date-parts":[[2012,4,18]]},"reference":[{"key":"2025100616064978400_bib1","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1086\/262063","article-title":"Formal and real authority in organizations","volume":"105","author":"Aghion","year":"1997","journal-title":"Journal of Political Economy"},{"key":"2025100616064978400_bib2","doi-asserted-by":"crossref","first-page":"1269","DOI":"10.1086\/424739","article-title":"Mutual fund flows and performance in rational markets","volume":"112","author":"Berk","year":"2004","journal-title":"Journal of Political Economy"},{"key":"2025100616064978400_bib3","doi-asserted-by":"crossref","first-page":"49","DOI":"10.1177\/031289628300800104","article-title":"The performance of Australian superannuation funds","volume":"8","author":"Bird","year":"1983","journal-title":"Australian Journal of Management"},{"key":"2025100616064978400_bib4","doi-asserted-by":"crossref","first-page":"57","DOI":"10.1023\/A:1009729630606","article-title":"Mutual fund performance: Evidence for the UK","volume":"2","author":"Blake","year":"1998","journal-title":"European Finance Review"},{"key":"2025100616064978400_bib5","first-page":"110","article-title":"Performance characteristics of individual versus team-managed mutual funds","volume":"34","author":"Bliss","year":"2008","journal-title":"Journal of Portfolio Management"},{"key":"2025100616064978400_bib6","doi-asserted-by":"crossref","first-page":"1665","DOI":"10.1111\/j.1540-6261.1991.tb04639.x","article-title":"Stock prices and the supply of information","volume":"46","author":"Brennan","year":"1991","journal-title":"Journal of Finance"},{"key":"2025100616064978400_bib7","doi-asserted-by":"crossref","first-page":"679","DOI":"10.1111\/j.1540-6261.1995.tb04800.x","article-title":"Performance persistence","volume":"50","author":"Brown","year":"1995","journal-title":"Journal of Finance"},{"key":"2025100616064978400_bib8","doi-asserted-by":"crossref","first-page":"553","DOI":"10.1093\/rfs\/5.4.553","article-title":"Survivorship bias in performance studies","volume":"5","author":"Brown","year":"1992","journal-title":"Review of Financial Studies"},{"key":"2025100616064978400_bib9","doi-asserted-by":"crossref","first-page":"237","DOI":"10.1093\/rfs\/10.2.237","article-title":"The performance of Japanese mutual funds","volume":"10","author":"Cai","year":"1997","journal-title":"Review of Financial Studies"},{"key":"2025100616064978400_bib10","doi-asserted-by":"crossref","first-page":"57","DOI":"10.1111\/j.1540-6261.1997.tb03808.x","article-title":"On persistence in mutual fund performance","volume":"52","author":"Carhart","year":"1997","journal-title":"Journal of Finance"},{"key":"2025100616064978400_bib55","doi-asserted-by":"crossref","first-page":"99","DOI":"10.1016\/S0378-4266(00)00174-6","article-title":"The performance of Italian equity funds","volume":"26","author":"Cesari","year":"2002","journal-title":"Journal of Banking and Finance"},{"key":"2025100616064978400_bib11","doi-asserted-by":"crossref","first-page":"1276","DOI":"10.1257\/0002828043052277","article-title":"Does fund size erode performance? 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