Liu, Liyuan; Pantelous, Athanasios A.; Xie, Yuxin; Zheng, Lu - 2022
Using detailed mutual fund holdings in the US market, we estimate active mutual fund managers’ loss aversion as a …. We further find managers' loss aversion is higher when past fund flows were high and lower when past fund flows were … that managers compete for greater inflows strategically while exhibiting self-interested choices …
