managers trade more after good past performance. The higher trading activityafter good performance is driven by individual … portfolio performance, while themarket performance has no significant impact. We rule out some alternative explanationsfor our …

incrementally higher fund flows if good performance is realized during the delay period.However, we find that poor performance …

characteristics of value-oriented and contrarian styles but has noobservable effect on fund performance. …

This paper studies the flow-performance relationship of three di®erent investorgroups in mutual funds: Households … corporationshave a strong tendency to chase past performance and also hold an increased sharein the top performing funds. Insurance … companies and pension funds show someevidence of performance chasing, but are underrepresented in the best performingfunds …

that investors punish bad performance byselling their shares, but also have a tendency to sell winners. Investors in large … fundfamilies show higher sales and redemption rates. Further family size also affects theflow-performance relationship: Investors …

extent. Positive abnormal returns to buy-side analysts’ revisions are alsoreflected in the performance of mutual fund trades …

portfolio performance and risk. Options users underperform nonusers bytwo to three percent per year. The underperformance is …

This is the first study of corporate-bond mutual fund performance that examines detailedsecurity-level holdings and …