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Redemption puzzle of open-end fund market in China

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  • Rong Lu

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  • Baizhu Chen
  • Longbing Xu
  • Xinhou Xie
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    File URL: http://hdl.handle.net/10.1007/s11459-008-0020-x
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    Bibliographic Info

    Article provided by Springer in its journal Frontiers of Economics in China.

    Volume (Year): 3 (2008)
    Issue (Month): 3 (September)
    Pages: 430-450

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    Handle: RePEc:spr:psycho:v:3:y:2008:i:3:p:430-450

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    Related research

    Keywords: open-end fund; fund performance; cash flow; redemption puzzle; G230; G110; D810; G140; 开放式基金; 业绩; 资金流动; 赎回异象;

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    References

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    1. Alexander Kempf & Stefan Ruenzi, 2004. "Family Matters: The Performance Flow Relationship in the Mutual Fund Industry," Finance, EconWPA 0404012, EconWPA, revised 26 May 2004.
    2. Jonathan B. Berk & Richard C. Green, 2004. "Mutual Fund Flows and Performance in Rational Markets," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 112(6), pages 1269-1295, December.
    3. Sanford J Grossman & Joseph E Stiglitz, 1997. "On the Impossibility of Informationally Efficient Markets," Levine's Working Paper Archive 1908, David K. Levine.
    4. Ippolito, Richard A, 1992. "Consumer Reaction to Measures of Poor Quality: Evidence from the Mutual Fund Industry," Journal of Law and Economics, University of Chicago Press, vol. 35(1), pages 45-70, April.
    5. Vikram Nanda, 2004. "Family Values and the Star Phenomenon: Strategies of Mutual Fund Families," Review of Financial Studies, Society for Financial Studies, vol. 17(3), pages 667-698.
    6. Bergstresser, Daniel & Poterba, James, 2002. "Do after-tax returns affect mutual fund inflows?," Journal of Financial Economics, Elsevier, Elsevier, vol. 63(3), pages 381-414, March.
    7. Santini, Donald L. & Aber, Jack W., 1998. "Determinants of net new money flows to the equity mutual fund industry," Journal of Economics and Business, Elsevier, Elsevier, vol. 50(5), pages 419-429, September.
    8. Greene, Jason T. & Hodges, Charles W., 2002. "The dilution impact of daily fund flows on open-end mutual funds," Journal of Financial Economics, Elsevier, Elsevier, vol. 65(1), pages 131-158, July.
    9. Hellwig, Martin F., 1980. "On the aggregation of information in competitive markets," Journal of Economic Theory, Elsevier, vol. 22(3), pages 477-498, June.
    10. Chevalier, Judith & Ellison, Glenn, 1997. "Risk Taking by Mutual Funds as a Response to Incentives," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 105(6), pages 1167-1200, December.
    11. Verrecchia, Robert E, 1982. "Information Acquisition in a Noisy Rational Expectations Economy," Econometrica, Econometric Society, Econometric Society, vol. 50(6), pages 1415-30, November.
    12. Erik R. Sirri & Peter Tufano, 1998. "Costly Search and Mutual Fund Flows," Journal of Finance, American Finance Association, American Finance Association, vol. 53(5), pages 1589-1622, October.
    13. Brown, Keith C & Harlow, W V & Starks, Laura T, 1996. " Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry," Journal of Finance, American Finance Association, American Finance Association, vol. 51(1), pages 85-110, March.
    14. Goetzmann, William N & Peles, Nadav, 1997. "Cognitive Dissonance and Mutual Fund Investors," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 20(2), pages 145-58, Summer.
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