000096250 001__ 96250 000096250 005__ 20210902121832.0 000096250 0247_ $$2doi$$a10.1016/j.irfa.2020.101564 000096250 0248_ $$2sideral$$a119261 000096250 037__ $$aART-2020-119261 000096250 041__ $$aeng 000096250 100__ $$0(orcid)0000-0002-3528-4715$$aLoban Acero, Lidia$$uUniversidad de Zaragoza 000096250 245__ $$aEurozone regulation bias in the active share measure 000096250 260__ $$c2020 000096250 5060_ $$aAccess copy available to the general public$$fUnrestricted 000096250 5203_ $$aThis study is the first to examine how both the domestic equity benchmark concentration and the Directive 2009/65/EC on risk of portfolio diversification may distort the accuracy of the original Active Share measure of Cremers and Petajisto (2009) in the Eurozone mutual fund industry. The main contribution of this paper is to provide statistical significance to the Active Share measure considering the spurious activity levels due to this benchmark concentration. The empirical application to a comprehensive sample of domestic equity funds provides evidence of significant differences in the actual levels of active management in the Eurozone mutual fund industries. 000096250 536__ $$9info:eu-repo/grantAgreement/ES/DGA/S38-17R$$9info:eu-repo/grantAgreement/ES/MCIU/FPU16-03779$$9info:eu-repo/grantAgreement/ES/MINECO/RTI2018-093483-B-I00 000096250 540__ $$9info:eu-repo/semantics/openAccess$$aby-nc-nd$$uhttp://creativecommons.org/licenses/by-nc-nd/3.0/es/ 000096250 590__ $$a5.373$$b2020 000096250 591__ $$aBUSINESS, FINANCE$$b8 / 108 = 0.074$$c2020$$dQ1$$eT1 000096250 592__ $$a1.27$$b2020 000096250 593__ $$aFinance$$c2020$$dQ1 000096250 593__ $$aEconomics and Econometrics$$c2020$$dQ1 000096250 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/acceptedVersion 000096250 700__ $$0(orcid)0000-0001-6078-0465$$aSarto Marzal, José Luis$$uUniversidad de Zaragoza 000096250 700__ $$0(orcid)0000-0003-4778-5960$$aVicente Gimeno, Luis Alfonso$$uUniversidad de Zaragoza 000096250 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab. 000096250 773__ $$g72 (2020), 101564 [10 pp.]$$pInt. rev. financ. anal.$$tInternational review of financial analysis$$x1057-5219 000096250 8564_ $$s630559$$uhttps://zaguan.unizar.es/record/96250/files/texto_completo.pdf$$yPostprint 000096250 8564_ $$s243302$$uhttps://zaguan.unizar.es/record/96250/files/texto_completo.jpg?subformat=icon$$xicon$$yPostprint 000096250 909CO $$ooai:zaguan.unizar.es:96250$$particulos$$pdriver 000096250 951__ $$a2021-09-02-10:17:17 000096250 980__ $$aARTICLE