How Much Does Size Erode Mutual Fund Performance? A Regression Discontinuity Approach
---- Acknowledgements ----
We thank Vikas Agarwal (discussant), Jonathan Berk, Joe Chen, Wayne Ferson, Edie Hotchkiss, Jeffrey Pontiff, Laura Starks, Phil Strahan, two anonymous referees, and participants at Babson College, Boston College, Tilburg, the 2009 Financial Research Association annual meeting, and the 2012 Financial Intermediation Research Society conference for helpful comments. Any remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.