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Does direct-sold funds provide a sizeable edge to investors? : evidences from selected mutual funds in India
Seal, Jayanta Kumar; Paul, Arunima - In: Cogent economics & finance 7 (2019) 1, pp. 1-17
In this study, an attempt has been made to find out why investors still prefer broker-sold fund over direct-sold fund despite the superior performance of the latter. We find the sensitivity of funds flow in selected direct-sold funds and broker-sold funds in India. We do not find any evidence...
Persistent link: https://www.econbiz.de/10012023959
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Are analyst trade ideas valuable?
Birru, Justin; Gokkaya, Sinan; Liu, Xi; Stulz, René M. - 2019
Using a novel database, we show that the stock-price impact of analyst trade ideas is at least as large as the impact of stock recommendation, target price, and earnings forecast changes, and that investors following trade ideas can earn significant abnormal returns. Trade ideas triggered by...
Persistent link: https://www.econbiz.de/10012120228
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Smart or Dumb? Asset Allocation Ability of Mutual Fund Investors and the Role of Broker Advice
Fang-Klingler, Jieyan - 2020
In this paper, I investigate the asset allocation ability of mutual fund investors. Specifically, I examine differences among non-proprietary brokers, proprietary brokers and direct channels regarding their asset allocation ability. In aggregate, mutual fund investors do not seem to have...
Persistent link: https://www.econbiz.de/10012848654
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Mutual Fund Herding and Return Comovement in Chinese Equities
Caglayan, Mustafa Onur - 2020
This paper explores the role mutual fund herding plays on the return comovement in Chinese stocks. The results show … that mutual fund herding significantly reduces the return comovement among Chinese stocks, providing evidence for the … existence of a rational herding behavior by mutual funds. We find that the negative effect of mutual fund herding on return …
Persistent link: https://www.econbiz.de/10012824192
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Mutual Fund Herding in Response to Hedge Fund Herding and the Impacts on Stock Prices
Jiao, Yawen - 2014
find strong evidence that mutual funds herd into or out of stocks following the herd of hedge funds: mutual funds' herding … measure is positively related to last quarter's hedge fund herding. In contrast, hedge funds do not follow mutual funds …. Mutual funds' following of hedge funds leads to a sharp price reversal in the next quarter, whereas hedge fund herding itself …
Persistent link: https://www.econbiz.de/10013044779
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Institutional Herding in Stock Markets : Empirical Evidence from French Mutual Funds
Mohamed, Arouri - 2011
Using the herding measures of Lakonishok, Shleifer and Vishny (1992) (LSV) and Frey, Herbst and Walter (2007) (FHW), we … assess herding by French equity mutual funds between 1999 and 2005. We show that LSV herding amounts to 6.5% while FHW … herding is about 2.5 times stronger. We observe that herding is stronger in small than in medium and large capitalization …
Persistent link: https://www.econbiz.de/10013117956
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Fake alpha
Müller, Marcel; Rosenberger, Tobias; Uhrig-Homburg, … - 2017
Why do investors entrust active mutual fund managers with large sums of money while receiving negative excess returns on average? Our explanation is that investors have a coarser information set than fund managers which leads them to systematically misinterpret managers' skill. When investors...
Persistent link: https://www.econbiz.de/10011590851
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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
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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
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Should Passive Investors Actively Manage Their Trades?
Li, Sida - 2021
Using novel daily holding data for exchange-traded funds (ETFs), I identify three types of ETFs that adopt distinct approaches to rebalancing their portfolios, which generates meaningful return heterogeneity. First, 56% of ETFs track public indices that pre-announce their rebalances, and they...
Persistent link: https://www.econbiz.de/10014351710