Using a large sample of monthly gross flows from 1997 to 2003, we uncover several previously undocumented regularities in investor behavior. First, investor purchases and sales produce fund-level gross flows that are highly persistent. Persistence in fund flows dominates performance as a...

Since the publication of Michael Lewis's book, Moneyball, there has been a commonly held belief that getting on-base percentage (OBP) is more important in run production than hitting for power slugging percentage (SLG). Implicit in that conclusion is an assumption that OBP and SLG are drawn from...