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Introduction Recent years have witnessed rapid growth ininvestment funds all over the world. This hasmade the mutual fund a more popular investmentvehicle for more investors. And the managed fundperformance becomes a subject of increased inter-est. Many researches have been done in this field,but much controversy still exists in both the theo-retical and empirical results[1～ 9] .Chinese new funds were found in1 998,andafter that,they experienced dramatically growth.In 1 998,only 6closed-… 相似文献
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