Why Do Mutual Funds Hold Lottery Stocks?
نویسندگان
چکیده
Abstract We provide evidence regarding mutual funds’ motivation to hold lottery stocks. Funds with higher managerial ownership invest less in stocks, suggesting that managers themselves do not prefer such The instead supports cater fund investors’ preference for In particular, funds more holdings attract larger flows after portfolio disclosure compared their peers, and poorly performing tend engage risk shifting by increasing toward year-ends. Funds’ aggregate of stocks contribute overpricing.
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ژورنال
عنوان ژورنال: Journal of Financial and Quantitative Analysis
سال: 2021
ISSN: ['1756-6916', '0022-1090']
DOI: https://doi.org/10.1017/s0022109021000211