4.1. Descriptive Statistics for Public versus Private Mutual Fund Companies .................33
4.2. Descriptive Statistics for Board Governance and Ownership among Public
Mutual Fund Companies ........................................................................................36
4.3. Test among Public Mutual Fund Companies ..............................................................39
4.4. Test among Private Mutual Fund Companies .............................................................42
4.5. Test for Governance at Firm Levels for Public Mutual Fund Companies ..................45
4.6. Test for Ownership at Firm Levels for Public Mutual Fund Companies ...................47
4.7. Test for “Being Public” for Mutual Fund Companies ................................................49
4.8. Test for Performance and Operation Efficiency surrounding the IPOs of Mutual
Fund Companies ....................................................................................................51
4.9. Robustness Test for Performance surrounding the IPOs of Mutual Fund
Companies..............................................................................................................57