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Birth order and fund manager's trading behavior : role of sibling rivalry

Agarwal, Vikas; Cochardt, Alexander Elmar; Orlov, Vitaly - 2022

This paper investigates the role of birth order on managerial behavior using rich data on familial background of US mutual fund managers. We find that managers who are born later in the sibling hierarchy take on more investment risks relative to first-born managers, but perform worse. Motivated...

Persistent link: https://www.econbiz.de/10013466616

Mutual fund flows, expected returns, and the real economy

Jank, Stephan - 2011 - First draft: December 4, 2010, This draft: February 7, 2011

The paper explores whether the co-movement of market returns and equity fund flows can be explained by a common response to macroeconomic news. I find that variables that predict the real economy as well as the equity premium are related to mutual fund flows. Changes in dividend-price ratio...

Persistent link: https://www.econbiz.de/10008902922

Family matters : ranking within fund families and fund inflows

Kempf, Alexander; Ruenzi, Stefan - 2004

This paper examines the influence of the position of a fund within its family on its subsequent net-inflows. Our … empirical study of the US equity mutual fund market shows that reaching a top position within the family leads to large inflows … moves into the top positions within its family from one year to another. These results lead to competition within the fund …

Persistent link: https://www.econbiz.de/10009524827

What matters to SRI investors?

Osthoff, Peer (contributor) - 2008

In this paper I investigate the investment behavior of SRI investors based on SRI mutual fund flows. Specifically, I analyze how SRI investors react to past performance and ethical standards. This empirical study shows that over the years along with the development of the SRI fund market, the...

Persistent link: https://www.econbiz.de/10003783623

Overconfidence among professional investors : evidence from mutual fund managers

Pütz, Alexander (contributor); Ruenzi, Stefan (contributor) - 2008

We examine overconfidence among equity mutual fund managers. While overconfidence has been extensively documented among retail investors, evidence from professional investors is scarce. Consistent with theories of overconfidence, we find that fund managers trade more after good past performance....

Persistent link: https://www.econbiz.de/10003783625

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

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

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

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