Article history: Received 11 October 2012 Accepted 6 May 2014 Available online 4 June 2014 We analyze mutual fund flow–performance relationship using a novel sample of Chinese mutual funds that trade in a volatile market environment. Consistent with existing literature, we find that the net flow to a fund is positively related to past fund performance. However, the positive flow–performance rel...

This paper tests the alternative hypotheses of investment selection skills versus overconfidence of fund managers among equity mutual funds in Taiwan. We find a positive relation between fund holdings’ concentration level and risk-adjusted fund performance in the bull market, but a negative relation in the bear markets. The time varying concentration-performance relation is not driven by the fu...

The trend of Do-It-Yourself (DIY) personal financing is fueled by the Internet. Toward mutual fund industry, it offers small or individual investors chances to share professional finance management provided by mutual fund companies. In this paper, we propose a novel secure mobile agent based mutual fund trading system (based on our former system [9]), which can provide complete Internet-based a...

This paper provides extensive evidence on portfolio characteristics of mutual funds and studies the relation between fund performance and the fund manager's investment strategy. The results show that neither momentum characteristics nor the valuation of stocks can explain differences in fund performance. However, the paper finds a negative firm-size effect that partly explains previous findings...