Table 1

Simulation results

4 investment pools9 investment poolsNo investment pool
Number of maintained investment pools1.94122.0234·
(0.7630)(1.9463)
Size of investment pools1.19190.5966·
(0.2535)(0.1925)
Score0.25000.24580.2414
(0.0246)(0.0230)(0.0346)
Fee0.42620.43520.4463
(0.0171)(0.0185)(0.0455)
First quality factor0.47480.46630.4725
(0.0294)(0.0396)(0.0651)
Second quality factor0.43590.45330.4658
(0.1982)(0.0436)(0.0625)

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