منابع مشابه
Mutual Fund Choices and Investor Demographics
We test the hypothesis that investment in actively managed mutual funds is linked to investor clienteles. We document that individual investors located in less affluent, less educated, and ethnic minority neighborhoods invest more in funds with expensive load fees. They also tend to invest a disproportionate amount in funds with no minimum-balance requirements, and find fewer funds and (fewer n...
متن کاملFund Turnover and Investment Performance
We examine the level of share dealing activity of UK long-term institutional funds and, for UK pension funds, assess the impact of this dealing activity on investment performance. The analysis is carried out using annual returns and activity from the WM Universe of UK funds. Previous published research has concentrated mainly on US mutual funds and has generally reported no relationship between...
متن کاملPlan demographics, participants' saving behavior, and target-date fund investments.
This analysis explores (1) whether plan demographic characteristics would affect individual participant contribution rates and target-date fund investments and (2) equity glide paths for participants in relation to plan demographics by considering target replacement income and its success rate. PLAN DEMOGRAPHIC CHARACTERISTICS IN PARTICIPANT CONTRIBUTION RATES: This study finds empirical eviden...
متن کاملPortfolio Performance, Discount Dynamics, and the Turnover of Closed-End Fund Mangers∗
Despite the large body of research on closed-end fund discounts, the existing literature has surprisingly little to say about how the labor market for closed-end fund managers works and to what extent fund managers are disciplined by the fund’s internal governance system. At the same time, research on the relation between closedend fund discounts and managerial performance generally ignores the...
متن کاملPortfolio Performance, Discount Dynamics, and the Turnover of Closed-End Fund Managers
This paper provides new evidence supporting the rationality of closed-end fund discounts by analyzing the time-series dynamics of individual fund discounts and their relation to portfolio performance and manager turnover. We show that discount changes reflect rational investor learning about fund manager skills, as well as investor anticipation of manager replacement events. Specifically, prior...
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ژورنال
عنوان ژورنال: Journal of Financial Intermediation
سال: 2011
ISSN: 1042-9573
DOI: 10.1016/j.jfi.2010.08.003