Skip navigation
Full metadata record
DC FieldValueLanguage
dc.contributor.authorBrown, Stephen J.-
dc.contributor.authorGoetzmann, William N.-
dc.contributor.authorHiraki, Takato-
dc.contributor.authorOtsuki, Toshiyuki-
dc.contributor.authorShiraishi, Noriyoshi-
dc.date.accessioned2008-05-29T08:17:02Z-
dc.date.available2008-05-29T08:17:02Z-
dc.date.issued1998-10-13-
dc.identifier.urihttp://hdl.handle.net/2451/26857-
dc.description.abstractRecent empirical evidence has suggested that the Japanese mutual fund industry has under-performed dramatically over the past two decades. Conjectured reasons for underperformance range from tax-dilution effects to high fees, high turnover and poor asset management. In this paper, we show that this underperformance is largely due to tax-dilution effects, and not necessarily to poor management. Using a broad database of funds which includes investment trusts closed to new investment, we show that once an instrument for the time-varying tax dilution exposure is included in a factor model, there is little evidence of poor risk-adjusted performance. A style analysis of the industry demonstrates that managers appear to pursue tax-driven dynamic strategies.en
dc.language.isoen_USen
dc.relation.ispartofseriesFIN-98-012en
dc.titleThe Japanese Open-End Fund Puzzleen
dc.typeWorking Paperen
Appears in Collections:Economics Working Papers

Files in This Item:
File Description SizeFormat 
wpa98012.pdf1.84 MBAdobe PDFView/Open


Items in FDA are protected by copyright, with all rights reserved, unless otherwise indicated.