Liquidity, Investment Style, and the Relation between Fund Size and Fund Performance

By Xuemin Yan. Journal of Financial and Quantitative Analysis, 2008

287 citations recorded by the source corpus.

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Do Funds Make More When They Trade More (2016, unknown): “11 See, for example, Chen, Hong, Huang, and Kubik (2004), Yan (2008), and Reuter and Zitzewitz (2013).”
The Interim Trading Skills of Institutional Investors (2011, background): “Although Berk and Green (2004) show that fund size is positively associated with skill, many empirical studies actually find evidence of a negative relation between fund size and performance (Chen et al. (2004), Yan (2008), KSZ (2008), Lewellen (2009), and Edelen, Evans, and Kadlec (2009)).”
The Determinants of Mutual Fund Performance: A Cross-Country Study (2013, background): “Edelen, Evans, and Kadlec (2007) and Yan (2008) point out trading costs and liquidity as the primary source of diseconomies of scale for U.”
How Much Does Size Erode Mutual Fund Performance? A Regression Discontinuity Approach (2015, background): “For example, Edelen, Evans, and Kadlec (2007) and Yan (2008) provide evidence that trading costs are higher in larger funds, likely depressing returns.”