Abstract
Although European market regulators have implemented many measures in order tomake the market more integrated, a recent report by the European Fund and AssetManagement Association (EFAMA) in 2015 underlines that domestic actors remainprincipal participants in member countries. My research questions the integration ofthe European market by investigating the place of foreign promoters in continentalEuropean markets. Using 12315 equity funds from 14 continental European countriesfor the period from 2002 to 2014, I analyze the competitiveness and the market sharesof foreign-promoted funds. The results show that foreign-promoted funds seem tobe better performing than domestic-promoted funds. However, they do not attractmore investors. Foreign promoters appear to have significantly smaller market shares.These results highlight the existence of barriers to foreign promoters in the Europeanmutual fund market.
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