Financial equilibrium with career concerns [PDF]
What are the equilibrium features of a financial market where a sizeable proportion of traders face reputational concerns? This question is central to our understanding of financial markets, which are increasingly dominated by institutional investors. We
Dasgupta, Amil, Prat, Andrea
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Determinanten der Mittelzuflüsse bei deutschen Aktienfonds [PDF]
, 2005 In der vorliegenden Arbeit werden erstmals die Determinanten der Zuflüsse deutscher Aktienfonds empirisch untersucht. Für den Untersuchungszeitraum von 1991 bis 2003 finden wir einige interessante Unterschiede zum US-Markt. Zunächst bestätigen wir die in
Ber, Silke +2 more
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Google Search Queries and Their Impact on Mutual Fund Performance and Flow [PDF]
, 2016 This study presents a novel way to interpret the effects of investor attention on mutual fund flow and performance, by using Google Trends. Google Trends is an internet service that shows the aggregated search volumes on specific keywords.
Dao, Anh
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Socially Responsible Investments: Methodology, Risk Exposure and Performance [PDF]
This paper surveys the literature on socially responsible investments (SRI). Over the past decade, SRI has experienced an explosive growth around the world. Particular to the SRI funds is that both financial goals and social objectives are pursued. While
Horst, J.R. ter +2 more
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Why does mutual fund performance not persist? The impact and interaction of fund flows and manager changes [PDF]
This paper investigates the reasons for the lack of long-term persistence in the investment performance of actively managed equity mutual funds. We document that the responses of investors, fund managers, and investment management companies to past ...
Bessler, Wolfgang +3 more
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Applying the Grinblatt-Titman and the Conditional (Ferson-Schadt) Performance Measures: The Case of Industry Rotation Via the Dynamic Investment Model. [PDF]
Nearly any standard financial model concludes that two assets with identical cash flows must sell for the same price. Alas, closed-end mutual fund company share prices seem to violate this fundamental tenant.
Robert R. Grauer and Nils H. Hakansson.
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Return Persistence and Fund Flows in the Worst Performing Mutual Funds [PDF]
We document that the observed persistence amongst the worst performing actively managed mutual funds is attributable to funds that have performed poorly both in the current and prior year.
Ian Tonks, Jonathan B. Berk
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Flow-Performance Relationship and Tournament Behavior in the Mutual Fund Industry [PDF]
, 2008 In this paper, we interpret the flow-performance relationship as an incentive scheme implicitly given to mutual fund managers by mutual fund investors. We show that the flow-performance relationship varies not only with economic activity but also across ...
MA, Baoling
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How Widespread is Late Trading in Mutual Funds? [PDF]
This paper uses daily fund flow data to examine the extent of late trading in the U.S. mutual fund industry. Trading decisions that are required by law to have been made before 4 PM Eastern Time are correlated with market movements from 4 to 9 PM that ...
Eric Zitzewitz
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Yet another puzzle? the relation between price and performance in the mutual fund industry [PDF]
, 2006 Gruber (1996) drew attention to the puzzle that investors buy actively-managed funds even though, on average, they underperform index funds. We uncover another puzzling fact about the market for actively-managed equity mutual funds: funds with worse ...
Iii Madrid +2 more
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