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The relation of the disposition effect to mutual fund trades and performance
Cici, Gjergji - 2011
We document that, on average, U.S. equity mutual funds prefer realizing capital losses rather than capital gains. A substantial fraction of the sample, however, exhibits the opposite tendency of realizing gains more readily than losses. The documented tendency for this subset appears to be due...
Persistent link: https://www.econbiz.de/10008904694
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On the use of options by mutual funds : do they know what they are doing?
Cici, Gjergji; Palacios, Luis-Felipe - 2011
Using detailed holdings of exchange-traded options, we examine how mutual funds use options and how options affect portfolio performance and risk. Options users underperform nonusers by two to three percent per year. The underperformance is especially pronounced for funds that are heavy users of...
Persistent link: https://www.econbiz.de/10008991986
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On the use of options by mutual funds : do they know what they are doing?
Cici, Gjergji; Palacios, Luis-Felipe - 2013 - This version: February 26, 2013
Using detailed options holdings, we examine how mutual funds' use of options affects performance and risk. Using options generates, on average, no performance advantages. In fact, funds that follow certain distinct strategies underperformed. The only salutary impact is lower portfolio risk for a...
Persistent link: https://www.econbiz.de/10009714206
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The prevalence of the disposition effect in mutual funds' trades
Cici, Gjergji - 2011 - This version: April 22, 2011
US equity mutual funds, on average, prefer realization of capital losses to capital gains. Nevertheless, a substantial fraction exhibits the disposition effect of realizing gains more readily than losses. My analysis suggests that learning effects have reduced the manifestation of the...
Persistent link: https://www.econbiz.de/10009785057
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What they did in their previous life : the investment value of mutual fund managers' experience outside the financial sector
Cici, Gjergji; Gehde-Trapp, Monika; Göricke, Marc-André; … - 2014 - This Draft: October 2014
We document that prior work experience of mutual fund managers outside of the asset management industry is valuable from an investment perspective in that it provides managers with a stock picking and industry timing advantage. Fund managers' stock picks from industries where they previously...
Persistent link: https://www.econbiz.de/10010410563
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Once a trader, always a trader : the role of traders in fund management
Cici, Gjergji; Schuster, Philipp; Weishaupt, Franziska - 2024
Mutual fund families are increasingly assigning traders to manage corporate bond mutual funds. Using this setting to study the role of traders in investment management, we document that trader managers identify and exploit short-term trading opportunities at lower transaction costs. These skills...
Persistent link: https://www.econbiz.de/10014467713
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Do financial advisors provide tangible benefits for investors? : evidence from tax-motivated mutual fund flows
Cici, Gjergji; Kempf, Alexander; Sorhage, Christoph - 2015 - [This version]: July 2015
Rationality would suggest that advice-seeking investors receive benefits from costly financial advice. However, evidence documenting these benefits for U.S. investors has so far been lacking. This paper is the first to document that U.S. mutual fund investors indeed receive one of the many...
Persistent link: https://www.econbiz.de/10011308611
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Are financial advisors useful? : evidence from tax-motivated mutual fund flows
Cici, Gjergji; Kempf, Alexander; Sorhage, Christoph - 2012
This study shows that financial advisors provide useful tax advice to their clients, being the first to provide evidence of tangible benefits delivered by financial advisors in the U.S. We find that investors who purchase mutual fund shares through financial advisors exhibit a stronger tendency...
Persistent link: https://www.econbiz.de/10009664257
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The investment abilities of mutual fund buy-side analysts
Cici, Gjergji; Rosenfeld, Claire - 2012
-specific investment abilities than traditional managers from within and outside the fund family. Using holdings of analystrun funds as a … family to a lesser extent than less-skilled managers. We find that analysts' abilities matter in that they are positively … related to the future performance of other funds within the same family. -- Mutual Funds ; Buy-Side Analysts ; Performance …
Persistent link: https://www.econbiz.de/10009625486
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Are financial advisors useful? : evidence from tax-motivated mutual fund flows
Cici, Gjergji; Kempf, Alexander; Sorhage, Christoph - 2013 - First Draft: November 2012, This Draft: February 2013
This study shows that financial advisors provide useful tax advice to their clients, being the first to provide evidence of tangible benefits delivered by financial advisors in the U.S. We find that investors who purchase mutual fund shares through financial advisors exhibit a stronger tendency...
Persistent link: https://www.econbiz.de/10009714123