• 1 Introduction
  • 2 Related Literature
  • 3 Institutional Background
  • 4 Empirical Analysis
  • 4.1 Data and Descriptive Statistics
  • 4.2 Persistence of Returns
  • 4.3 Outperformance and Liquidity Risk
  • 4.4 Market Illiquidity and Fund Flows
  • 5 Conclusion
  • References