| dc.description.abstract | This paper systematically accounts for the survivorship bias in the Norwegian
mutual fund market and the impact of its existence. Survivorship bias has been
researched in-depth in the US market and other large economies, however it
remains a relatively unexplored topic in smaller economies such as Norway.
Although research on survivorship bias can be found in the literature, most
research addresses the survivorship bias as a sub-category. The paper contributes
to previous research with a newly constructed dataset of Norwegian equity
mutual funds from 1997 until 2017. We measure the survivorship bias using
different methodical approaches, and show that different combinations of
methods yield different result. Additionally, we analyse the relationship between
performance, size and disappearance. Overall, the evidence points to a
substantial survivorship bias in the Norwegian mutual fund market regardless of
method applied. In general, we find the relationship between fund size and
performance to be positive, however, in some cases the smallest fund group
outperform larger funds. The disappearance rate of funds increases with
decreasing fund size and is accelerating. | nb_NO |
