Two new methodologies are introduced to improve inference in the evaluation of mutual fund performance against benchmarks. First, the benchmark models are estimated using panel methods with both fund and time effects. Second, the non-normality of individual mutual fund returns is accounted for by using panel bootstrap methods. We also augment the standard benchmark factors with fund-specific ch...

This paper examines the structural change of mutual fund herding in china stock market,an important investment behavior of institutional investors. A self-normalization based KolmogorovSmirnov test is employed to test the change point of herding from 2002 to 2011, the results suggest that there really be structural change points in mutual fund herding. The mutual fund herding changed at Decembe...

This paper examines responses from a survey of 2,000 randomly selected mutual fund investors who purchased shares from six different distribution channels. The survey provides data on the demographic, financial, and fund ownership characteristics of mutual fund investors. It also provides data on investors’ knowledge of the costs and investment risks of mutual funds and the information sources ...

Abstract The concept of mutual fund emerged in Netherlands in 18th century and introduced in India by Unit Trust of India in1960s. As the mutual fund industry provides an option of diversified investment structure with varying degree of risk, it was supposed to be the most lucrative market for Indian investors. It was believed that it will surely tap the savings of common man. But in practice i...

We examine whether US mutual funds managed by females have a higher portfolio liquidity than those of their male counterparts. Single female managers’ holdings are 8–25% more liquid single-male-managed funds. When there is transition from to manager, fund increases compared with transition. The findings consistent the risk-averse and conservative decision-making behaviour managers. do not find ...