Internet postings and investor herd behavior: evidence from China’s open-end fund market

Investment Decisions Under Ambiguity: Evidence from Mutual Fund Investor Behavior

This study provides novel evidence on the role of ambiguity aversion in determining the response of mutual fund investors to historical fund performance information. We present a model of ambiguity averse investors who receive multiple performance-based signals of uncertain precision about manager skill. A key implication of the model is that when investors receive multiple signals of uncertain...

Empirical Study: Do Fund Managers Herd to Counter Investor Sentiment?

Investor Behavior and Fund Performance under a Privatized Retirement Accounts System: Evidence from Chile

The United States and many European countries are currently considering how best to reform their pay-as-yougo social security systems. Demographic trends indicate rising numbers of pensioners per worker and pending insolvency of many social security systems. The kinds of reforms being considered include increasing the required social security contribution per worker, raising the standard retire...

Closed-end Fund Discounts and Individual Investor Trading

This paper investigates the individual investor trading in both closed-end funds and individual stocks. By examining the short-horizon dynamic relation between net individual investor trading of closed-end funds and the fund discounts, we find evidence consistent with the notion that both the level and the changes in close-end fund discounts are good proxies for individual investor sentiment. U...

By Force of Flow: Investor Behavior and Money Market Fund Risk Allocations During the Eurozone Crisis∗

This paper studies fund flows and risk allocation decisions among prime money market funds (MMFs) during the 2011–2012 eurozone crisis. We exploit much more granular measures of fund credit risk and investor sophistication than previously employed in the literature. Empirically, we find that funds with greater credit risks experienced larger outflows during the eurozone crisis. This effect was ...