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Till death (or divorce) do us part : early-life family disruption and fund manager behavior

Betzer, André; Limbach, Peter; Rau, P. Raghavendra; … - 2019

We show that early-life family disruption (death or divorce of a parent) causes fund managers to be more risk averse …-treated managers. This effect is most pronounced for managers who experienced family disruption during their formative years or who had …

Persistent link: https://www.econbiz.de/10011989092

Mutual fund investment horizon and performance

Lan, Chunhua; Moneta, Fabio; Wermers, Russ - 2015

This paper proposes several new holdings-based measures of fund investment horizon, and examines the relation between manager skills and fund holding horizon. We find that both aggregate holdings and trades of long-horizon funds are informative about superior future long-term stock returns,...

Persistent link: https://www.econbiz.de/10011307799

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 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 - 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

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

Redemption in kind and mutual fund liquidity management

Agarwal, Vikas; Ren, Honglin; Shen, Ke; Zhao, Haibei - 2021

Open-end mutual funds can use redemption in kind to satisfy investor redemptions by delivering securities instead of cash. We find that funds that reserve their rightsto redeem in kind experience less redemption after poor performance. Evidence from actual in-kind transactions reveals several...

Persistent link: https://www.econbiz.de/10012818297

Back to the roots: ancestral origin and mutual fund manager portfolio choice

Ammann, Manuel; Cochardt, Alexander Elmar; Straumann, Simon - 2022

We exploit variation in the ancestries of U.S. equity mutual fund managers to show that ancestry affects portfolio decisions. Controlling for fund firm location, we find that funds overweight stocks from their managers’ ancestral home countries in their non-U.S. portfolio by 132 bps or 20.34%...

Persistent link: https://www.econbiz.de/10012873672