Average within-style performance ranks.

I compare the within-style monthly net return ranks 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-style cumulative net return rank. The table contains the average contemporaneous performance ranks of closed and open funds with a given past performance rank and the average differences. The column number indicates the past performance rank, where a higher number is indicative of better performance. The final column contains the average contemporaneous ranks of all funds used in the comparison. The null hypotheses are that the average contemporaneous ranks of both types of funds are equal to three, which is the middle rank, and that the average differences in contemporaneous ranks between closed and open funds are equal to zero. Panel A reports the mean ranks and Panel B reports the median ranks. The paired Student’s t-test is used in Panel A and the Wilcoxon signed-rank test is used in Panel B. The p-values are reported in parentheses.