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Purchase and redemption decisions of mutual fund investors and the role of fund families

Jank, Stephan; Wedow, Michael - 2010

fund families show higher sales and redemption rates. Further family size also affects the flow-performance relationship …: Investors in large families punish bad performance more. Last, we find that inner family rankings play an important part for … redemptions, with investors strongly redeeming their shares from intra-family losers. -- Mutual Funds ; Fund Family ; Flow …

Persistent link: https://www.econbiz.de/10008666514

The influence of buy-side analysts on mutual fund trading

Frey, Stefan; Herbst, Patrick - 2010

We present evidence of the impact of buy-side analysts on the behavior and performance of fund managers. Using data provided by a large global asset manager, we relate buy-side analysts' recommendations to fund transactions on a daily basis. Our results show that buy-side analysts have a...

Persistent link: https://www.econbiz.de/10008666522

Are there disadvantaged clienteles in mutual funds?

Jank, Stephan - 2011

This paper studies the flow-performance relationship of three different investor groups in mutual funds: Households, financial corporations, and insurance companies and pension funds, establishing the following findings: Financial corporations have a strong tendency to chase past performance and...

Persistent link: https://www.econbiz.de/10008902928

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

Window dressing in mutual funds

Agarwal, Vikas; Gay, Gerald D.; Ling, Leng - 2011 - This version: March 31, 2011

This paper introduces two measures to investigate potential window-dressing behavior among mutual fund managers. We show that unskilled managers that perform poorly are more likely to window dress by strategically purchasing winner stocks and selling loser stocks near quarter ends. Further,...

Persistent link: https://www.econbiz.de/10008992003

Analyst recommendations, mutual fund herding, and overreaction in stock prices

Brown, Nerissa C.; Wei, Kelsey D.; Wermers, Russ - 2007 - This Draft: March 2007

This paper documents the tendency of mutual fund managers to follow analyst recommendation revisions when they trade stocks, and the impact of analyst revisioninduced mutual fund "herds" on stock prices. We find that mutual fund herds follow consensus revisions in analyst recommendations,...

Persistent link: https://www.econbiz.de/10009525971

Window dressing in mutual funds

Agarwal, Vikas; Gay, Gerald D.; Ling, Leng - 2014

We provide a rationale for window dressing where investors respond to conflicting signals of managerial ability inferred from a fund's performance and disclosed portfolio holdings. We contend that window dressers take a risky bet on their performance during a reporting delay period, which...

Persistent link: https://www.econbiz.de/10010363240

Window dressing in mutual funds

Agarwal, Vikas; Gay, Gerald D.; Ling, Leng - 2013 - First Version: March 31, 2011, This version: July 26, 2013

We provide a rationale for window dressing where investors respond to conflicting signals of managerial ability inferred from a fund's performance and its disclosed portfolio holdings. We contend that window dressers take a risky bet on their performance during a reporting delay period, which...

Persistent link: https://www.econbiz.de/10009784848

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

Do generalists profit from the fund families' specialists? : evidence from mutual fund families offering sector funds

Göricke, M.-A. - 2016 - This draft: December 2016

This paper analyzes how the existence of sector funds (specialists) within a mutual fund family affects the performance …. Generally, stocks held by specialists appear in more diversified funds of the family than other stocks. As a result, diversified …

Persistent link: https://www.econbiz.de/10011568235