Mutual fund herding behavior and investment strategies in Chinese stock market

نویسندگان
چکیده

برای دانلود رایگان متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices

This paper documents the tendency of mutual fund managers to follow analyst recommendation revisions when they trade stocks, and the impact of analyst revisioninduced mutual fund “herds” on stock prices. We find that mutual fund herds follow consensus revisions in analyst recommendations, controlling for common investment signals that affect both analyst revisions and mutual fund trading. Conse...

متن کامل

Mutual fund competition and stock market liquidity

We study how competition in the mutual fund industry affects the stock market and its liquidity. We argue that mutual fund families operate as multi-product firms, jointly choosing fees, performance and number of funds. We show that competition between fund families distorts the incentives to collect information and induces the families to trade off performance and number of funds. An increase ...

متن کامل

The Structural Change of Mutual Fund Herding in China Stock Market

This paper examines the structural change of mutual fund herding in china stock market,an important investment behavior of institutional investors. A self-normalization based KolmogorovSmirnov test is employed to test the change point of herding from 2002 to 2011, the results suggest that there really be structural change points in mutual fund herding. The mutual fund herding changed at Decembe...

متن کامل

Chinese pension fund investment efficiency: Evidence from CNCSSF stock holdings

China’s pension system is facing a large gap of more than one trillion RMB. The investment efficiency of the social security fund therefore receives widespread attention in academic circles. We collected data of stocks held by the Chinese National Council for Social Security Fund (CNCSSF) from 2004 to 2012 to research the stocks’ investment efficiency, distinguishing between direct investment b...

متن کامل

Investment Decisions Under Ambiguity: Evidence from Mutual Fund Investor Behavior

This study provides novel evidence on the role of ambiguity aversion in determining the response of mutual fund investors to historical fund performance information. We present a model of ambiguity averse investors who receive multiple performance-based signals of uncertain precision about manager skill. A key implication of the model is that when investors receive multiple signals of uncertain...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Investment Management and Financial Innovations

سال: 2018

ISSN: 1810-4967,1812-9358

DOI: 10.21511/imfi.15(2).2018.08