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Primary Article

Optimal Asset Size for U.S. Small-Cap Equity Mutual Funds

Hany A. Shawky and Liuling Li
The Journal of Investing Spring 2006, 15 (1) 79-86; DOI: https://doi.org/10.3905/joi.2006.616857
Hany A. Shawky
Professor of Finance and Founding Director of the Center for Institutional Investment Management, School of Business, at the University at Albany, NY.
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  • For correspondence: h.shawky@albany.edu
Liuling Li
A PhD student in the Department of Economics at Rutgers University, NJ.
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  • For correspondence: liliuling@hotmail.com
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Abstract

This paper provides empirical estimates for the optimal asset size for small-cap Growth and Value mutual funds. Using Morningstar mutual fund data for the period 1997 through 2003, we obtain a sample of 1,950 fund-years for small-cap growth and 971 fund-years for small-cap value funds. We find that the optimal asset size for growth and value small-cap funds are $1,008 million and $1,245 million, respectively. Moreover, we document a significant relationship between a fund's performance in one period and its asset growth in the next period. These results have practical implications for investors and fund managers.

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The Journal of Investing
Vol. 15, Issue 1
Spring 2006
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Optimal Asset Size for U.S. Small-Cap Equity Mutual Funds
Hany A. Shawky, Liuling Li
The Journal of Investing Feb 2006, 15 (1) 79-86; DOI: 10.3905/joi.2006.616857

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Optimal Asset Size for U.S. Small-Cap Equity Mutual Funds
Hany A. Shawky, Liuling Li
The Journal of Investing Feb 2006, 15 (1) 79-86; DOI: 10.3905/joi.2006.616857
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