Purpose – The purpose of this paper is to examine managerial skill of US equity mutual funds in the context of both abnormal return and risk. Design/methodology/approach – The authors evaluate manager skill based on the outperforming probability and cumulative distribution function of the...

Purpose – The purpose of this study is to examine the market‐timing ability of mutual fund flows and how fund investors conduct asset allocation in response to market volatility. Design/methodology/approach – The paper compares the abnormal returns of net inflow funds with those of net...

Purpose – The purpose of this study is to examine the market-timing ability of mutual fund flows and how fund investors conduct asset allocation in response to market volatility. Design/methodology/approach – The paper compares the abnormal returns of net inflow funds with those of net...