Average funds versus average dollars: Implications for mutual fund research

Christopher P. Clifford, Bradford D. Jordan, Timothy B. Riley

Research output: Contribution to journalArticlepeer-review

8 Scopus citations


The top 5% of actively managed U.S. equity mutual funds in 2012 had greater aggregate TNA than the remaining 95% of funds combined. This skewness in size has implications for mutual fund research: What is true of the average fund is not necessarily true of the average dollar. We explore several key findings in the literature with an eye on this distinction. Our results indicate that if the goal of mutual fund research is to understand the importance of the industry to investors, then researchers should consider the experience of the average dollar, rather than the average fund.

Original languageEnglish
Pages (from-to)249-260
Number of pages12
JournalJournal of Empirical Finance
StatePublished - Sep 2014


  • Flow convexity
  • Mutual funds
  • Smart money

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics


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