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Although for more than a century investors have been almost exclusively interested in funds from countries with mature economies and developed capital markets, nevertheless during the last decade funds from emerging economies have increasingly started to draw investors' attention. High growth rates and frequent abnormal returns make local mutual funds being a strong investment opportunity for sophisticated investors from developed markets and, thus, their performance evaluation being a frequent topic of modern res...

Recent financial crisis and subsequent economic recession force a constantly increasing number of investors from countries with developed economies and regulatory systems, to look for new investment opportunities and diversification benefits through the globe. The fundamental principle of classical portfolio theory states that mature capital markets of developed economies are nearly efficient thus offering no extra returns and low possibilities for portfolio diversification. In this context developing economies wi...