The Performance of European Index Funds and Exchange‐Traded Funds
研究发现欧洲指数基金和交易所交易基金每年跑输基准50到150个基点，股息预扣税对业绩拖累的解释力至少与基金费用相当，且能解释不同基准基金间的表现差异。
Abstract European index funds and exchange‐traded funds underperform their benchmarks by 50 to 150 basis points per annum. The explanatory power of dividend withholding taxes as a determinant of this underperformance is at least on par with fund expenses. Dividend taxes also explain performance differences between funds that track different benchmarks and time variation in fund performance. Our results imply that not only fund expenses, but also dividend taxes can result in a substantial drag on mutual fund performance.