Thus, the study of mutual funds in emerging markets is overdue for those who need a fuller understanding of their investment conditions. In addition, this would allow an out-of- sample test to challenge existing asset pricing models and lead to the development of new empirical models. This study seeks to shed light on mutual fund investment in emerging markets and specifically focuses on three issues: performance, determinants of performance and the role of liquidity on performance and performance measure. Since mutual fund data from all emerging markets are segmented and hard to obtain and also that policies and.
