List of Tables List of Figures Acknowledgements Notes on the Contributors Introduction Returns and Fund Flows in Canadian Mutual Funds; R. Sinha and V. Jog New Zealand Equity Fund Performance Appraisal: A Non-Parametric Approach; D. Margaritis, R. Otten , and A. Tourani-Rad Danish Mutual Funds: Description, Costs, Performance, and a European Comparison; K. Bechmann and J. Rangvid Performance Idiosyncrasy in the Italian Mutual Fund Industry; R. Savona Seasonality and Performance in Spanish Mutual Funds Management; J. Matallín-Sáez and D. Moreno On the Relationship Between Price and Quality in the U.S. Mutual Fund Industry: Evidence from the 1992-2003 Period; J. Gil-Bazo and P. Ruiz-Verdú Yaari's Dual Theory of Choice, Generalized Gini's Mean Differences, and Performance Evaluation for Mutual Funds; W. Breuer and M. Gürtler Efficiency of U.S. Mutual Funds using Data Envelopment Analysis; G. Gregoriou Performance Persistence of Unit Funds: Evidence from a Small, Integrated Market; V. Potì and E. Duffy What is Behind the Financial Performance of Ethical Funds? A Study of the American Market; R. Burlacu, I. Girerd-Potin , and D. Dupré The German Mutual Fund Market; Si Ber, A. Kempf, and S. Ruenzi Analysis of the Size Effect on Spanish Mutual Investment Funds; J. Fernández-Serrano and L. Luna Index