Chen, Hsiu-Lang; Jegadeesh, Narasimhan; Wermers, Russ - In: Journal of Financial and Quantitative Analysis 35 (2000) 03, pp. 343-368
We investigate the value of active mutual fund management by examining the stockholdings and trades of mutual funds. We fine that stocks widely held by funds do not outperform other stocks. However, stocks purchased by funds have significantly higher returns than stocks they sell—this is true...