96250 20210902121832.0 doi 10.1016/j.irfa.2020.101564 sideral 119261 ART-2020-119261 eng Loban Acero, Lidia Universidad de Zaragoza (orcid)0000-0002-3528-4715 Eurozone regulation bias in the active share measure 2020 Access copy available to the general public Unrestricted This 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. info:eu-repo/grantAgreement/ES/DGA/S38-17R info:eu-repo/grantAgreement/ES/MCIU/FPU16-03779 info:eu-repo/grantAgreement/ES/MINECO/RTI2018-093483-B-I00 info:eu-repo/semantics/openAccess by-nc-nd http://creativecommons.org/licenses/by-nc-nd/3.0/es/ 5.373 2020 BUSINESS, FINANCE 8 / 108 = 0.074 2020 Q1 T1 1.27 2020 Finance 2020 Q1 Economics and Econometrics 2020 Q1 info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion Sarto Marzal, José Luis Universidad de Zaragoza (orcid)0000-0001-6078-0465 Vicente Gimeno, Luis Alfonso Universidad de Zaragoza (orcid)0000-0003-4778-5960 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 72 (2020), 101564 [10 pp.] Int. rev. financ. anal. International review of financial analysis 1057-5219 630559 http://zaguan.unizar.es/record/96250/files/texto_completo.pdf Postprint 243302 http://zaguan.unizar.es/record/96250/files/texto_completo.jpg?subformat=icon icon Postprint oai:zaguan.unizar.es:96250 articulos driver 2021-09-02-10:17:17 ARTICLE