... but this is no longerthe case when momentum is also controlled for. We next turn to the latter partof this time period, for which monthly flows can be extracted, namely, 1991 to2000 (which ... month.5Not all management groups report this information; how-ever, since information is collected live and historical information is not dis-carded, there is no bias toward surviving funds in the ... peergroups, which may facilitate investors’ decision making. Also, the tax overhangissue (Barclay, Pearson, and Weisbach (1998)) does not apply to U.K. mutualfunds, which means that investors’ decisions...