全球智库信息集成服务系统(G2TT): Return Persistence and Fund Flows in the Worst Performing Mutual Funds

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w13042
来源ID	Working Paper 13042
	Return Persistence and Fund Flows in the Worst Performing Mutual Funds
	Jonathan B. Berk; Ian Tonks
发表日期	2007-04-13
出版年	2007
语种	英语
摘要	We document that the observed persistence amongst the worst performing actively managed mutual funds is attributable to funds that have performed poorly both in the current and prior year. We demonstrate that this persistence results from an unwillingness of investors in these funds to respond to bad performance by withdrawing their capital. In contrast, funds that only performed poorly in the current year have a significantly larger (out)flow of funds/return sensitivity and consequently show no evidence of persistence in their returns.
主题	Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions
URL	https://www.nber.org/papers/w13042
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/570710
推荐引用方式 GB/T 7714	Jonathan B. Berk,Ian Tonks. Return Persistence and Fund Flows in the Worst Performing Mutual Funds. 2007.