Stefan Engström: Dept. of Finance, Stockholm School of Economics, Postal: P.O. Box 6501, SE-113 83 Stockholm, Sweden
Abstract: Active portfolio management is associated with a costly search for information. This paper provides evidence on how this costly search affects the performance of European-based mutual funds that are actively managed and invest in Asia and Europe. The paper examines both the search for superior stocks by fund managers and the search by unit-linked funds for superior fund managers. Moreover, performance and the impact of geographical distance between the fund and the market are examined.
29 pages, First version: May 26, 2000. Revised: January 30, 2003. Earlier revisions: November 10, 2001, March 25, 2002, February 4, 2003, January 30, 2003, January 30, 2003.
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