Performance and Characteristics of Swedish Mutual Funds
研究瑞典市场共同基金表现与基金特征的关系，发现小规模、低费率、高交易活跃度的股票基金表现更好，且历史表现有一定预测作用。
This paper studies the relation between fund performance and fund attributes in the Swedish market. Performance is measured as the alpha in a linear regression of fund returns on several benchmark assets, allowing for time-varying betas. The estimated performance is then used in a cross-sectional analysis of the relation between performance and fund attributes such as past performance, flows, size, turnover, and proxies for expenses and trading activity. The results show, among other things, that good performance is to be found among small equity funds, low-fee funds, funds whose trading activity is high, and in some cases, funds with good past performance.