| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11526 |
| 来源ID | Working Paper 11526 |
| Dumb Money: Mutual Fund Flows and the Cross-Section of Stock Returns | |
| Andrea Frazzini; Owen A. Lamont | |
| 发表日期 | 2005-08-01 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We use mutual fund flows as a measure for individual investor sentiment for different stocks, and find that high sentiment predicts low future returns at long horizons. Fund flows are dumb money %uF818 by reallocating across different mutual funds, retail investors reduce their wealth in the long run. This dumb money effect is strongly related to the value effect. High sentiment also is associated high corporate issuance, interpretable as companies increasing the supply of shares in response to investor demand. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w11526 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569169 |
| 推荐引用方式 GB/T 7714 | Andrea Frazzini,Owen A. Lamont. Dumb Money: Mutual Fund Flows and the Cross-Section of Stock Returns. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11526.pdf（604KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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