‘Smart’ copycat mutual funds: on the performance of partial imitation strategies
نویسندگان
چکیده
Abstract Using a novel measure of stock-level trade imitation, we uncover ‘smart’ copycats: fund managers that use their own information when beneficial, and otherwise imitate other managers’ better trades. Contrary to previous research, find these partial imitation strategies lead outperformance. Our ‘Copycat Score’ combines the propensity Funds at high low ends score outperform all others. The Copycat Score is persistent in time, related measures skill, good predictor performance. We conclude smart copycatting another skill successful managers.
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ژورنال
عنوان ژورنال: Financial Innovation
سال: 2022
ISSN: ['2199-4730']
DOI: https://doi.org/10.1186/s40854-022-00398-7