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We measure the ability of professional investment managers in timing cashflow vs. discount-rate news, the two components of market returns. We find that the average U.S. equity mutual fund exhibits cashflow-timing skills of 2.12/year, but discount-rate timing of -0.84/year; further,...
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-cyclically contrary to US fund managers that time the volatility counter-cyclically …I examine the market, volatility and joint timing performance of US equity funds (locals) versus UK equity funds … aggressively to timing information. Moreover UK fund managers have a less aggressive investment style by timing the volatility pro …
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Do timing and time diversification improve the average investor?s stock market return? Contrary to literature … peak, but horizons decrease, giving latter investments less time to offset losses. This paper accommodates timing using …
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