Our primary goal in this paper is to ascertain whether the absolute and relative rankings of managed funds are sensitive to the benchmark chosen to measure normal performance. We employ the standard C
I compare the flows of closed funds to those of comparable open funds in the same month. I define comparable funds as those that are in the same size quintile and lagged (by one month) 12-month within
We show, using machine learning, that fund characteristics can consistently differentiate high from low-performing mutual funds, as well as identify funds with net-of-fees abnormal returns. Fund momen
I provide summary statistics for closed funds in Panel A and open funds in Panel B from July 2003 to December 2017. Panel C contains the differences in means between the two groups of funds, the Folde
