Wan, Die; Li, Yang; Yang, Xiaoguang - In: Journal of management science and engineering 9 (2024) 2, pp. 143-160
-rise being stronger than killing-fall leads to asymmetry of feedback trading. Our article investigates how mutual funds react to … this market force. Using China's stock and fund data from 2003 to 2019, we find that mutual funds tend to hold fewer shares … when stocks are allowed short-selling. Further results show that mutual funds' selling towards asymmetric feedback trading …