Fant, L Franklin; O'Neal, Edward S - In: Journal of Financial Research 23 (2000) 3, pp. 353-71
We examine how the relation between mutual fund performance and fund flows has changed over time by separating our sample into two periods (1978-87 and 1988-97). We document an increase in the flow-performance asymmetry in the second period that exacerbates the adverse incentive for fund...