%0 Journal Article
%T Mutual funds withdraw shield: performance or agency costs driver?
%A Carlos Francisco Alves
%A Helena Mouta
%J Economics and Business Letters
%D 2012
%I Oviedo University Press
%X In this paper, using a unique database, we compare the performance of a set of equity mutual funds to a set of equity savings funds, which are similar to equity mutual funds in all but one characteristic: the tax regime that strongly penalizes withdrawals from equity savings funds. We found evidence consistent with the hypothesis that mutual funds less subject to liquidity shocks exhibit higher performances.
%K mutual fund performance
%K withdrawals
%K liquidity shocks
%K fiscal policy
%U http://www.unioviedo.es/reunido/index.php/EBL/article/download/9318/9228