This thesis makes several meaningful contributions to the literature and the practical perspective. First, it is conducted in a different setting from most previous studies. Thus, it provides an out-of-sample test for the theories and empirical models so far established. Second, this study fills one of the gaps in mutual fund studies by asking whether the findings in developed markets carry over to emerging markets. This is important because, even though emerging markets display several characteristics which are not found in developed markets, the literature on mutual funds in emerging markets is relatively thin and incomplete. .
