... LoserRankPerformanceRank2, where PerformanceRank is the rank of fund performance, WinnerRank is the rank of winner proportion, and LoserRank is the rank of loser proportion. The theoretical range of ... (2001), Frank et al. (2004), Verbeek and Wang (2010), and Brown and Schwarz (2011)), the determinants of portfolio disclosure and its effect on performance and flows (Ge and Zheng (2006)), and the ... literature on tournaments and flow-performance relation (e.g., Brown, Harlow, and Starks (1996), Chevalier and Ellison (1997), Sirri and Tufano (1998), Huang, Wei, and Yan (2007), and Hu et al. (2011))...