Mutual Fund Tournaments: Evidence From Global And International Funds
نویسندگان
چکیده
منابع مشابه
The weekend trading profitability: evidence from international mutual funds
The weekend effect is described as the tendency for Monday security returns to be low (or negative) compared to other days of the week. The weekend effect may not be exploited by trading individual stocks because of transactions costs. However, the institutional characteristics of the US-based international open-end mutual funds may allow investors to exploit the weekend effect because mutual f...
متن کاملMutual fund performance with learning across funds
The average level and cross-sectional variability of fund alphas are estimated from a large sample of mutual funds. This information is incorporated, along with the usual regression estimate of alpha, in a (roughly) precision-weighted average measure of individual fund performance. Substantial ‘‘learning across funds’’ is documented, with significant effects on investment decisions. In a Bayesi...
متن کاملDo Hedge Funds Profit From Mutual-Fund Distress?
This paper explores the question of whether hedge funds engage in frontrunning strategies that exploit the predictable trades of others. One potential opportunity for front-running arises when distressed mutual funds—those suffering large outflows of assets under management—are forced to sell stocks they own. We document two pieces of evidence that are consistent with hedge funds taking advanta...
متن کاملPerformance-Chasing Behavior and Mutual Funds: New Evidence from Multi-Fund Managers
We study managers who manage multiple mutual funds. Consistent with the idea that investors infer ability from past returns, flows into a fund are predicted by the past performance in another fund the multi-fund manager manages. The explanatory power of the other fund is stronger when it performed particularly well, when the two funds have similar styles, and when the manager has started managi...
متن کاملAre Mutual Funds Doomed to Underperform? Evidence from Managerial Turnover and Fund Flows
We empirically investigate the impact of fund flows and managerial turnover on the investment performance of active equity mutual funds. Fund flows have been suggested by Berk and Green (2004) as mechanism that prevents performance persistence. We propose managerial turnover as an alternative explanation. One the one hand, withdrawing money from loser funds and sacking bad fund managers are mea...
متن کاملذخیره 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: International Business & Economics Research Journal (IBER)
سال: 2011
ISSN: 2157-9393,1535-0754
DOI: 10.19030/iber.v3i6.3696