investor with mean-variance preferences is consideredwho is trying to identify the best fund f* out of a set consisting of F …

returns and mutual fund flows: the effect of shorttermmarket returns on mutual fund flows. Research onthis issue has already … confirmed high correlations betweenmarket returns and aggregate mutual fund flows (Warther1995). A positive-feedback process …, however, requires notjust correlation but two-way causation between flows andreturns, in which fund investors react to market …

less likely to achieve extreme performanceoutcomes. These results hold after taking into account the impact of fund and …

We examine overconfidence among equity mutual fund managers. While overconfidencehas been extensively documented among … retail investors, evidence fromprofessional investors is scarce. Consistent with theories of overconfidence, we findthat fund …

This paper introduces two measures to investigate potential window-dressing behavior amongmutual fund managers. We show … incrementally higher fund flows if good performance is realized during the delay period.However, we find that poor performance …

characteristics of value-oriented and contrarian styles but has noobservable effect on fund performance. …

mutual fund flows. Changes in dividend-price ratio explain mutual fundflows beyond the information contained in returns … explain mutual fund flows. Mutual fund flows are, in accordance withthe information-response hypothesis, forward-looking and …