Return persistence and fund flows in the worst performing mutual funds
by Jonathan B. Berk
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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.
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Mutual fundsShowing 1 featured edition. View all 1 editions?
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Return persistence and fund flows in the worst performing mutual funds
2007, National Bureau of Economic Research
in English
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Edition Notes
"April 2007"
Includes bibliographical references (p. 23-25).
Also available in PDF from the NBER world wide web site (www.nber.org).
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| December 19, 2020 | Edited by MARC Bot | import existing book |
| December 3, 2010 | Edited by Open Library Bot | Added subjects from MARC records. |
| December 10, 2009 | Created by WorkBot | add works page |