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This new report provides updated and additional information about the European microfinance market and current developments in the microfinance area. Moreover, it gives insights into the intervention logic, rationale for EU support, and mandate development considerations of the EIF in this field. More precisely, following a short introduction, we provide in the second section (general market overview) updated information for selected aspects of microfinance in Europe. The third part explains the rationale for public support in the microfinance area and focuses on the chosen approach for the current Progress Microfinance mandate. This intervention logic is based on the market structure. | CFR working Paper NO. 11-07 Performance inconsistency in mutual funds An investigation of windowdressing behavior V. Agarwal G. D. Gay L. Ling Performance inconsistency in mutual funds An investigation of window-dressing behavior VIKAS AGARWAL GERALD D. GAY and LENG LING First Version March 31 2011 This version February 7 2012 JEL Classification G11 G20 Keywords Mutual funds Window dressing Portfolio disclosure Fund flows Vikas Agarwal is from Georgia State University Robinson College of Business 35 Broad Street Suite 1207 Atlanta GA 30303 USA. E-mail vagarwal@gsu.edu. Tel 1404-413-7326. Fax 1-404-413-7312. Vikas Agarwal is also a Research Fellow at the Centre for Financial Research CFR University of Cologne. Gerald D. Gay is from Georgia State University Robinson College of Business 35 Broad Street Suite 1203 Atlanta GA 30303 USA. E-mail ggay@gsu.edu. Tel 1-404-413-7321. Fax 1-404413-7312. Leng Ling is from Georgia College State University GCSU Bunting College of Business Suite 414 Milledgeville GA 31061 USA. E-mail leng.ling@gcsu.edu Tel 1-478-445-2587 Fax 478-445-1535. Ling acknowledges research grant support from GCSU. We thank Ranadeb Chaudhuri Mark Chen Conrad Ciccotello K.J. Martijn Cremers Elroy Dimson Jesse Ellis Wayne Ferson Jason Greene Zhishan Guo Zoran Ivkovic Marcin Kacperczyk Jayant Kale Aneel Keswani Omesh Kini Bing Liang Reza Mahani Ernst Maug David Musto Tiago Pinheiro Chip Ryan Thomas Schneeweis Clemens Sialm Vijay Singal Tao Shu Daniel Urban Qinghai Wang and Chong Xiao for their helpful comments and constructive suggestions. We are grateful to the seminar participants at the Bank of Canada Cass Business School University of Alabama University of Cambridge University of Georgia University of Mannheim University of Massachusetts Amherst and Wuhan University for their comments. We acknowledge the research assistance of Sujuan Ma Jinfei Sheng and Haibei Zhao. We also thank Linlin Ma and Yuehua Tang for providing data. Performance inconsistency in .
