Past Performance May Be an Illusion: Performance, Flows, and Fees in Mutual Funds

Phillips gratefully acknowledges financial support from the School of Accounting and Finance at the University of Waterloo, PricewaterhouseCoopers and the Social Sciences and Humanities Research Council of Canada. We would like to thank Neil Brisley, Joe Chen, Susan Christoffersen, Mike Cooper, Javier Gil-Bazo, Will Goetzmann, Russell Jame, Petri Jylha, Jonathan Reuter, Laura Starks, William Stroker, Ivo Welch (Editor), Tony Wirjanto, Jeff Wurgler, three anonymous referees and seminar participants at the 2012 Annual Meeting of the Academy of Behavioral Finance and Economics, the 2012 Northern Finance Association Conference, the 2013 SFS Cavalcade conference, the 2013 European Finance Association meetings, the 2013 Financial Management Association meetings, the 2013 Inquire UK conference, and the University of Waterloo for helpful comments.