124444 20250403144231.0 doi 10.1016/j.frl.2022.103412 sideral 132901 ART-2023-132901 eng Fleta-Asín, Jorge Universidad de Zaragoza (orcid)0000-0003-3582-116X Institutional distance and US-based international mutual funds’ financial performance 2023 Access copy available to the general public Unrestricted In this research, we analyse the impact of the institutional distance between investor and investee countries on the risk-adjusted financial performance for a broad sample of US-based international mutual funds in the period 1997-2021 (1,704 equity mutual funds/106,521 monthly portfolios). Our results show that a greater institutional distance jeopardizes mutual fund financial performance. Another relevant finding is that holding a more country-concentrated portfolio positively impacts financial performance. In addition, we reveal an interaction effect between the two variables, meaning that the portfolio country concentration moderates the negative impact of institutional distance, supporting the information advantage theory. info:eu-repo/grantAgreement/ES/DGA/LMP175_21 info:eu-repo/grantAgreement/ES/DGA/S38-20R info:eu-repo/grantAgreement/ES/DGA/S42-20R-CREVALOR info:eu-repo/grantAgreement/ES/MCIU-AEI-FEDER/RTI2018-093483-B-I00 info:eu-repo/grantAgreement/ES/MICINN/PID2020-113338RB-I00 info:eu-repo/grantAgreement/ES/UZ/JIUZ-2021-SOC-03 info:eu-repo/semantics/openAccess by-nc-nd http://creativecommons.org/licenses/by-nc-nd/3.0/es/ 7.4 2023 BUSINESS, FINANCE 7 / 233 = 0.03 2023 Q1 T1 1.903 2023 Finance 2023 Q1 11.1 2023 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Muñoz, Fernando Universidad de Zaragoza (orcid)0000-0002-9481-1466 4012 650 Universidad de Zaragoza Dpto. Direcc.Organiza.Empresas Área Organización de Empresas 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 51 (2023), 103412 [11 pp.] Finance res. lett. Finance Research Letters 1544-6123 480999 http://zaguan.unizar.es/record/124444/files/texto_completo.pdf Versión publicada 2215778 http://zaguan.unizar.es/record/124444/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:124444 articulos driver 2025-04-03-14:39:53 ARTICLE