نتایج جستجو برای: open end mutual fund
تعداد نتایج: 825363 فیلتر نتایج به سال:
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...
Abstract Open-end mutual funds can use redemption in kind to satisfy investor redemptions by delivering securities instead of cash. We find that reserve their rights redeem experience less after poor performance. Evidence from actual in-kind transactions reveals several unique mechanisms for mitigate fund runs, including the delivery more illiquid stocks and with greater tax overhang. Funds suf...
The contribution of this paper is two-fold. First, we show that mutual fund theorems hold when minimizing the probability of lifetime ruin (that is, wealth reaching zero before death), as they do when maximizing the utility of consumption (Merton, 1971). Bayraktar and Young (2007a) determine when the investment strategies are identical under the two problems of maximizing utility of consumption...
This paper employs Data Envelopment Analysis to measure for the first time the performance of Greek domestic equity mutual funds over four different one-year horizons and for the whole four-year period. In particular, the model used examines whether fund managers employ inputs (i.e. assets, loads, and risk) efficiently to produce output (returns). The results demonstrate that the efficient fund...
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