... observations of the same year, with the same investment objective, and with similar fund size, age, and size of the fund’s management company (all in logs). We use these variables because of theirpotential ... at the level of the individualfund. Mutual funds are operated by management companies, and the resources, policies, and culture of these companies play an important role in the determination of ... very helpful comments. The usual disclaimer applies. The financial support of the Spanish Ministry of Education and Science (SEJ2005-06655/ECON and SEJ2007-67448) and of the BBVA foundation is...