evidence on the liability of newness and liability of aging theory that funds' investment skill changes to the positive or … negative over time. Our results find strong support for an underperformance of mature funds consistent with the liability of … aging theory. Furthermore, the observed diseconomies of life result from older funds pursuing less innovative investment …

evidence on the liability of newness and liability of aging theory that funds' investment skill changes to the positive or … negative over time. Our results find strong support for an underperformance of mature funds consistent with the liability of … aging theory. Furthermore, the observed diseconomies of life result from older funds pursuing less innovative investment …

, we provide some of the first evidence for the "liability of aging" phenomena in Germany. Older firms face a relatively …