For the countries in our sample, the mutual fund industry comprises of the primary financial assets, on average, with a median of . As we discuss in more detail subsequently, two countries are substantial outliers -- the fund industries in Luxembourg and Ireland account for 484% and 82% of their country’s primary assets. We treat these two extreme observations with some care in our work. The naïve inclusion of these countries in multivariate analyses can produce misleading results, but given that these are two interesting data points in our analysis, it would .
