In a sample consisted of all 54 closed-end funds in China over the 2000-2005 period, we used panel data to study the relativity between fund characteristics and performance. The empirical results showed that small-capitalization funds invested the most in research and information without the best performance, which indicates that they may over-invest on research or information. We also found that large-capitalization funds' performance is the most sensitive to characteristics, but their return are not the highest, either. Thus we may believe that fund size (net asset under management) affects closed-end fund performance.
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