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Fund Tradeoffs

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NBER2017-08-01 更新2025-01-04 收录
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We study tradeoffs among active mutual funds' characteristics. In both our equilibrium model and the data, funds with larger size, lower expense ratio, and higher turnover hold more-liquid portfolios. Portfolio liquidity, a concept introduced here, depends not only on the liquidity of the portfolio

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2017-08-01
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