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Question 14: (16 marks) a. According to the Berk and Green model if funds display decreasing returns to scale what does this mean? (3 marks)

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Question 14: (16 marks) a. According to the Berk and Green model if funds display decreasing returns to scale what does this mean? (3 marks) b. Why might funds display decreasing returns to scale? (5 marks) C. According to the Berk and Green model why does fund manager persistence not tell us about whether fund manager skill exists or not? (8 marks)

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