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Are Professional Investors Prone to Behavioral Biases? Evidence from Mutual Fund Managers

Azimi, Mehran - 2019

I study the determinants of mutual fund managers' expectations about the stock market and its implications for decision making and fund performance. Using a direct measure of managers' market expectations extracted from mutual funds' semi-annual reports, I find that fund managers extrapolate...

Persistent link: https://www.econbiz.de/10012861954

Entrepreneurial Mutual Fund Managers

Xie, Jing - 2014

I study how mutual funds invest in public U.S. firms where founding family members retain a significant portion of shares. I posit that informed funds exploit the opaque nature of family firms by holding large positions when they have good private signals about the firms. By studying actively...

Persistent link: https://www.econbiz.de/10013049014

Mutual Funds Managers’ Investment Allocation Decision : The Case of Egypt

Elhamawy, Shamel Mohamed - 2015

The target of this research is to reach an explanatory model for the behavior of mutual funds' managers when taking the investment decision among various economic sectors. It tests the hypothesis that a significant relationship exists between the manager's sector allocation decision and the...

Persistent link: https://www.econbiz.de/10013018141

Purchase and Redemption Decisions of Mutual Fund Investors and the Role of Fund Families

Jank, Stephan - 2016

This paper investigates the purchases and redemptions of a large cross-sectional sample of German equity funds. We find that investors punish bad performance by selling their shares, but also have a tendency to sell winners. Investors in large fund families show higher sales and redemption...

Persistent link: https://www.econbiz.de/10012989248

The Flow-Performance Relationship in Emerging Market Bond Funds

Leung, David - 2018

We investigate the relationship between net inflow to mutual bond funds that invest in emerging market economies (EMEs …) and the past performance of these funds. Our main finding is that EME bond funds display a convex flow … media coverage towards outperforming funds, and the relatively high participation costs of EME bond funds. Furthermore, we …

Persistent link: https://www.econbiz.de/10012929173

Investor Clientele and Style Changing Behavior in Mutual Funds

Bams, Dennis - 2018

This paper examines different clienteles' reactions to style changing behavior of mutual funds. Using the granularity of daily mutual fund data, we show that heterogeneity in investors' sophistication levels strongly relates to heterogeneity in responses to style changing behavior. The empirical...

Persistent link: https://www.econbiz.de/10012929665

How Investment Management Fees Hurt Investors

Ferguson, Robert - 2018

A widespread concern in the investment industry is whether commonly used investment management fee arrangements encourage investment managers to act in their clients' interests. The value to managers of a one-period call performance fee is maximized by maximizing performance volatility. This is...

Persistent link: https://www.econbiz.de/10012929879

Continuous-time stochastic mutual fund management game between active and passive funds

Han, Kai; Rong, Ximin; Shen, Yang; Zhao, Hui - In: Quantitative finance 21 (2021) 10, pp. 1647-1667

Persistent link: https://www.econbiz.de/10012653705

Essays on returns to human capital in asset management

Göricke, Marc-André - 2017

Persistent link: https://www.econbiz.de/10012659524

Does Active Fee Predict Mutual Fund Flow? - Price Sensitivity of Demand for Active Management

Døskeland, Trond; Sjuve, André Wattø; Ørpetveit, Andreas - 2021

Active fee is the ratio between the excess cost of active management over the index alternative and the fund's activity level. We suggest a simple model that explains active capital allocations in the presence of time-varying active fee. We show that investors respond in accordance with the...

Persistent link: https://www.econbiz.de/10013225316