Prior research debates focus on whether investors are smart enough to invest in funds that subsequently outperform. This paper documents a robust smart money effect among small fund investors who invest in the top performing funds, even after controlling for the momentum factor argued by Sapp and Tiwari (2004). I further explore the reason for the smart money effect and find that such outperfor...

Some Thoughts on Macroeconomic Fluctuations and the Timing of Labor Market Reform In this paper, I analyze the pros and cons of implementing structural reforms of the labor market in booms vs. recessions, in light of considerations of social efficiency, political viability, and macroeconomic fine tuning. While the optimal timing of a reform depends on the relative importance of several conflict...

Recent studies suggest that certain mutual fund managers manifest genuine skill but do not stipulate the particular skills that they possess. We examine in detail the style-timing abilities of 3,181 growth-oriented equity mutual funds over the period from 1993 to 2006. We find that an important contributor to the persistent abnormal returns observed is growth timing, i.e., switching stocks alon...

This study critically reviews current fund performance measures. The performance measure derived from the return-based style analysis (RBSA) by Sharpe (1992) is introduced and compared with other regression-based measures. A comparative simulation is set up to test the robustness, accuracy, and efficiency of the alternative measures. The evidence shows that the RBSA measure is superior to other...

Investors in Indonesia pay attention to the financial market's investment tools, including mutual funds. Some funds even provide a higher return on than alternative stock investments, with lower level of risk be-cause managers properly manage them. This research aims determine how fund success is affected by factors such as selection, market timing, size, and Covid-19, Covid-19 serving moderato...

this study aims to better understand the effect of practice schedule and feedback providing types. in two separate experiments the contextual interference effect in bandwidth and self-control feedback conditions on relative and absolute timing learning was examined. in experiment i, the effect of contextual interference using bandwidth and self-control feedback on absolute timing learning (para...