this study is an attempt to apply the market timing andsecurity selection models to evaluate the performance of iranianmutual funds. the research shed light on the questions of ‘howsuccessful are mutual funds in earning excess returns over those of themarket?’ ‘do the excess returns during research period have anymeaningful trend for these financial intermediaries or is it the result ofthe abil...

Abstract We document that long-run excess returns following announcements of share buyback authorizations and insider purchases are a U-shaped function firm centrality in the input–output trade-flow network. These results conform to model investors endowed with large but finite capacity for analyzing firms. Additional links weaken insiders’ informational advantage peripheral firms (simple whose...

This study aims to examine fund family performance, in terms of selectivity skills and marketing timing ability, Saudi Arabia, Malaysia, Indonesia, Pakistan 2007–2021. The sample is divided into three levels. First, analysis the whole sample. Second, by country. Third, Islamic- conventional-focused families. main results are: provides numerous advantages facilities managers, for instance divers...

This paper examines how hedge funds manage their market risk according to changes in aggregate liquidity conditions. Using a large sample of equity-oriented hedge funds during the period of 1994–2008, we find strong evidence that hedge-fund managers possess the ability to time market liquidity at both the style category level and the individual fund level. They increase (decrease) their portfol...

Existing literature has found no evidence of market-timing ability by mutual funds using tests based on fund returns. This paper proposes alternative market-timing tests based on observed fund holdings. The holdings-based measures are shown to be more powerful than the return-based measures, and are not subject to “artificial timing” bias. Applying the holdings-based tests, we find strong evide...