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Full-Text Articles in Finance and Financial Management
Investor Behavior In The Mutual Fund Industry: Evidence From Gross Flows, George D. Cashman, Federico Nardari, Daniel N. Deli, Sriram V. Villupuram
Investor Behavior In The Mutual Fund Industry: Evidence From Gross Flows, George D. Cashman, Federico Nardari, Daniel N. Deli, Sriram V. Villupuram
Finance Faculty Research and Publications
Using a large sample of monthly gross flows from 1997 to 2003, we uncover several previously undocumented regularities in investor behavior. First, investor purchases and sales produce fund-level gross flows that are highly persistent. Persistence in fund flows dominates performance as a predictor of future fund flows. More importantly, failing to account for flow persistence leads to incorrect inferences with respect to the relation between performance and flows. Second, we document that investors react differently to performance depending on the type of fund, and that investor trading activity produces meaningful differences in the persistence of fund flows across mutual fund …
Emerging Market Mutual Funds: Recent Trends In Performance, Expenses, Composition And Growth, Will Bertin, Laurie Prather, Li-Anne Woo
Emerging Market Mutual Funds: Recent Trends In Performance, Expenses, Composition And Growth, Will Bertin, Laurie Prather, Li-Anne Woo
Li-Anne Woo
Emerging market mutual funds are a rapidly growing mutual fund category. This growth is most likely due to their impressive realized returns, although their returns may be quite volatile. This study reports on emerging market mutual funds' characteristics and performance relative to domestic and international equity mutual funds and also details the significant growth in these funds. We further consider the investment allocations of the three categories of funds among developing versus mature markets. Our results suggest that the superior performance of emerging market mutual funds more than adequately compensates for their higher risk, and thus provides a sound justification …
Emerging Market Mutual Funds: Recent Trends In Performance, Expenses, Composition And Growth, Will Bertin, Laurie Prather, Li-Anne Woo
Emerging Market Mutual Funds: Recent Trends In Performance, Expenses, Composition And Growth, Will Bertin, Laurie Prather, Li-Anne Woo
Laurie Prather
Emerging market mutual funds are a rapidly growing mutual fund category. This growth is most likely due to their impressive realized returns, although their returns may be quite volatile. This study reports on emerging market mutual funds' characteristics and performance relative to domestic and international equity mutual funds and also details the significant growth in these funds. We further consider the investment allocations of the three categories of funds among developing versus mature markets. Our results suggest that the superior performance of emerging market mutual funds more than adequately compensates for their higher risk, and thus provides a sound justification …
Three Essays On Investments, Xin Hong
Three Essays On Investments, Xin Hong
Theses and Dissertations--Finance and Quantitative Methods
This dissertation consists of three essays on investments. The first essay examines the incidence, determinants, and consequences of hedge fund share restriction changes. This paper finds that nearly one in five hedge funds change their share restrictions (e.g., lockup) over the period of 2007-2012. Share restriction changes are not random. Fund’s asset illiquidity, liquidity risk, and performance are related to share restriction changes. A hazard model indicates that funds who actively manage liquidity concerns live longer by adjusting share restrictions. The paper examines whether changes in share restrictions create an endogeneity bias in the share illiquidity premium (Aragon, 2007) and …