does size affect mutual strongfundstrong performance a general approach.pdfVIP

Original Article Does size affect mutual fund performance? A general approach Received (in revised form): 8th April 2011 Laurent Bodson ` is a KBL assistant professor of Financial Management at HEC Management School – University of Liege. Laurent teaches several courses in finance and regularly provides executive seminars. Laurent is also a co-founder and head of asset management at Gambit Financial Solutions SA. His areas of expertise include portfolio and risk management, as both a practitioner and researcher. He has an extensive experience in non-Gaussian frameworks and he is specialized in investment and style analysis. Laurent Cavenaile ` is an associate researcher for the KBL Chair in Fund Industry at HEC Management School – University of Liege. He holds a master in ` economics from the University of Liege (Belgium) and an MSc in financial economics from Maastricht University (Netherlands). ´ Danielle Sougne ` is a professor of finance at HEC Management School, University of Liege, Belgium. She holds a PhD in finance from the Catholic University of Louvain, Belgium. She is an active teacher in the bank sector and handles a wide range of financial courses, ranging from fundamental to advanced levels of specialization for professionals. As a holder of the KBL Chair in Fund Industry at HEC, she carries out research on fund management and administration in an international context. Correspondence: Laurent Bodson, HEC-Management School, University of Liege, rue Louvrex, 14 (N1), Liege 4000, Belgium E-mail: l.bodson@gambit-fi ABSTRACT In this article, we study the potenti