The article aims at verifying the occurrence of performance persistence phenomenon among equity funds in the Czech Republic. The study uses the most popular measures of return mentioned in financial academic publications. Moreover, a relatively long time horizon, lasting from the beginning of...

This paper studies two investor behavioral theories - gambler's fallacy and hot-hand fallacy - using Czech open-end fund data. Weekly net fund flows indicate that investors tend to bring more money into the funds based on their past performance, which can be construed as an indication of...