Alves, Carlos FranciscoMouta, Helena2014-09-082014-09-082012Alves, Carlos; Mouta, Helena (2012). Mutual funds withdraw shield: performance or agency costs driver? Economics and Business Letters. ISSN 2254-4380. 1(1), p. 30-342254-4380http://hdl.handle.net/10198/10348In this paper, using a unique database, we compare the performance of a set of equity mutual funds to a set of equity savings funds, which are similar to equity mutual funds in all but one characteristic: the tax regime that strongly penalizes withdrawals from equity savings funds. We found evidence consistent with the hypothesis that mutual funds less subject to liquidity shocks exhibit higher performances.engMutual fund performanceWithdrawalsliquidity shocksFiscal policyjournal article