Do Mutual Funds Herd in Industries?
نویسندگان
چکیده
منابع مشابه
Mutual Funds in Equilibrium∗
Historically, the literature on money management has not consistently applied the rational expectations equilibrium concept. We explain why and summarize recent developments in the money management literature that do apply this concept correctly. We demonstrate that in many respects the rational expectations equilibrium better approximates the observed equilibrium in the money management space ...
متن کاملDo Mutual Funds Differ in Performance? Evidence from Canadian Equity Funds
Mutual funds have experienced phenomenal growth in recent years. There are many reasons behind this development. Most important, mutual funds offer investors an opportunity to diversify their investment, a privilege which, up until very recently, was available only to large and institutional investors. Frequently firms selling mutual funds try to appeal to potential investors by advertising the...
متن کاملDo Mutual Funds Profit from Accruals and NOA Anomalies?
In this study, we examine three issues related to the accrual and the net operating assets (NOA) anomalies. First, whether mutual funds trade on these anomalies. Second whether they are able to generate profits, net of transaction costs. Third, the reasons why such profits are not completely exploited. Prior studies provide evidence on the first issue by examining the trading behavior of instit...
متن کاملDo Hedge Funds Profit From Mutual-Fund Distress?
This paper explores the question of whether hedge funds engage in frontrunning strategies that exploit the predictable trades of others. One potential opportunity for front-running arises when distressed mutual funds—those suffering large outflows of assets under management—are forced to sell stocks they own. We document two pieces of evidence that are consistent with hedge funds taking advanta...
متن کاملDo Mutual Funds Time the Market? Evidence from Portfolio Holdings
Existing literature has found no evidence of market-timing ability by mutual funds using tests based on fund returns. This paper proposes alternative market-timing tests based on observed fund holdings. The holdings-based measures are shown to be more powerful than the return-based measures, and are not subject to “artificial timing” bias. Applying the holdings-based tests, we find strong evide...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1570773