Performance of Mutual Funds

KEN L. BECHMANN Associate Professor, Department of Finance, Copenhagen Business School, Denmark SILKE BER Research Assistant, Department of Finance, University of Cologne, Germany WOLFGANG BREUER Full Professor of Finance, RWTH Aachen University, Germany RADU BURLACU Associate Professor of Finance, University Pierre Mendès France, Grenoble, France EOGHAN DUFFY Worked with Valerio at Dublin City University, Republic of Ireland, where he graduated with a thesis on Performance Persistence DENIS DUPRÉ Associate Professor of Finance, University Pierre Mendès France of Grenoble, and Member of the CERAG (Centre des Recherches Appliquées à la Gestion) JOSÉ L. FERNÁNDEZ-SERRANO Researcher in Ethical Funds and Corporate Social Responsibility, Department of Business Administration, University of Cantabria, Spain JAVIER GIL-BAZO Received his BA in Business Administration and his PhD in Economics from the University of the Basque Country, Spain ISABELLE GIRERD-POTIN Associate Professor of Finance, University Pierre Mendès France of Grenoble, France, and Member of the CERAG (Centre des Recherches Appliquées à la Gestion) MARC GÜRTLER Full Professor of Finance, Technical University of Braunschweig, Germany VIJAY JOG Chancellor Professor, Carleton University in Ottawa, Canada ALEXANDER KEMPF Head of the Department of Finance, University of Cologne, Germany, Spokesman of the Graduate School of Risk Management and Board Member of the Institute of Empirical Economic andSocial Research at the University of Cologne, Germany LADISLAO LUNA Professor in Business Administration, University of Cantabria, Spain DIMITRI MARGARITIS Professor of International Finance, Auckland University of Technology, New Zealand JUAN CARLOS MATALLÍN-SÁEZ Professor in University Jaume I, Department of Finance and Accounting, Spain DAVID MORENO Professor, Department of Business and Administration, Carlos III University, Madrid, Spain ROGER OTTEN Assistant Professor of Finance, Maastricht University, The Netherlands VALERIO POTÌ Finance Lecturer, Dublin City University, Republic of Ireland JESPER RANGVID Associate Professor, Department of Finance, Copenhagen Business School, Denmark STEFAN RUENZI Assistant Professor of Finance, Department of Finance, University of Cologne, Germany PABLO RUIZ-VERDÚ Assistant Professor of Management, Department of Business Administration, Carlos III University, Madrid, Spain ROBERTO SAVONA Assistant Professor of Financial Markets and Institutions, University of Brescia, Department of Business Studies, Italy RAJEEVA SINHA Teaches Finance at the Odette School of Business, Canada ALIREZA TOURANI-RAD Chair and Professor of Finance, School of Business, Auckland University of Technology, New Zealand

List of Tables List of Figures Acknowledgements Notes on the Contributors Introduction Returns and Fund Flows in Canadian Mutual Funds; R. Sinha and V. Jog New Zealand Equity Fund Performance Appraisal: A Non-Parametric Approach; D. Margaritis, R. Otten , and A. Tourani-Rad Danish Mutual Funds: Description, Costs, Performance, and a European Comparison; K. Bechmann and J. Rangvid Performance Idiosyncrasy in the Italian Mutual Fund Industry; R. Savona Seasonality and Performance in Spanish Mutual Funds Management; J. Matallín-Sáez and D. Moreno On the Relationship Between Price and Quality in the U.S. Mutual Fund Industry: Evidence from the 1992-2003 Period; J. Gil-Bazo and P. Ruiz-Verdú Yaari's Dual Theory of Choice, Generalized Gini's Mean Differences, and Performance Evaluation for Mutual Funds; W. Breuer and M. Gürtler Efficiency of U.S. Mutual Funds using Data Envelopment Analysis; G. Gregoriou Performance Persistence of Unit Funds: Evidence from a Small, Integrated Market; V. Potì and E. Duffy What is Behind the Financial Performance of Ethical Funds? A Study of the American Market; R. Burlacu, I. Girerd-Potin , and D. Dupré The German Mutual Fund Market; Si Ber, A. Kempf, and S. Ruenzi Analysis of the Size Effect on Spanish Mutual Investment Funds; J. Fernández-Serrano and L. Luna Index