Mutual Fund Ratings and Performance Persistence

نویسندگان
چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Evaluating Mutual Fund Performance

We study standard mutual fund performance measures, using simulated funds whose characteristics mimic actual funds. We find that performance measures used in previous mutual fund research have little ability to detect economically large magnitudes ~e.g., three percent per year! of abnormal fund performance, particularly if a fund’s style characteristics differ from those of the value-weighted m...

متن کامل

Style Dispersion and Mutual Fund Performance∗

We estimate investment style dispersions for individual actively managed equity mutual funds, which describe how widely fund investments are distributed around the core fund style along the dimensions of size, book-to-market, and momentum, respectively. We find that high style dispersions, especially that along the size dimension, are associated with superior fund performance, consistent with h...

متن کامل

Employment Networks and Mutual Fund Performance

This paper explores the role of social networks in the portfolio allocation decisions and performance of mutual fund managers. Using a novel dataset, I examine the past employment networks of both mutual fund managers and firm executives. I find that fund managers place larger bets and perform significantly better on firms when they are connected to a senior executive of that firm through overl...

متن کامل

Persistence and Fund Flows of the Worst Performing Mutual Funds

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. Consistent with the Berk and Green (2004) model, we demonstrate that this persistence results from an unwillingness of investors in these funds to respond to bad performance by withdrawing their capital. In c...

متن کامل

Excess Cash and Mutual Fund Performance

I document a positive relationship between excess cash holdings of actively managed equity mutual funds and future fund performance. The difference in returns of portfolios of high and of low excess cash funds amounts to over 2% annually, or approximately 3% after standard risk adjustment. I study whether this difference in performance can be explained by the differences in managerial stock sel...

متن کامل

ذخیره 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.1749414