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Chasing trend and losing money: open end mutual fund investors' trading behaviour in Greece

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  • Th. Fiotakis
  • N. Philippas

Abstract

This study examines the trading behaviour of mutual fund investors, its medium-term profitability and its impact on the performance of individual funds. An important yet thinly investigated subject is examined under the prism of a small emerging stock market growing to maturity, during both a strong bull and a violent bear market. The findings of this study are insightful: Mutual fund investors do not chase past returns. The empirical evidence also suggests that they do not hunt past superior performance. However, they do seem to employ a current-performance momentum screen to pick their funds, while their trading behaviour doesn't seem to affect the concurrent performance of the fund. Finally, it is claimed that mutual fund investors are perverse fund pickers. The suggested conclusion can only be that money is inefficiently invested in mutual funds.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

Volume (Year): 11 (2004)
Issue (Month): 2 ()
Pages: 117-121

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Handle: RePEc:taf:apeclt:v:11:y:2004:i:2:p:117-121

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  1. Chevalier, J. & Ellison, G., 1996. "Risk Taking by Mutual Funds as a Response to Incentives," Working papers 96-3, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Stephen J. Brown & William N. Goetzmann & Takato Hiraki & Noriyoshi Shirishi & Masahiro Watanabe, 2003. "Investor Sentiment in Japanese and U.S. Daily Mutual Fund Flows," NBER Working Papers 9470, National Bureau of Economic Research, Inc.
  3. Ferson, Wayne E & Schadt, Rudi W, 1996. " Measuring Fund Strategy and Performance in Changing Economic Conditions," Journal of Finance, American Finance Association, vol. 51(2), pages 425-61, June.
  4. Massimo Massa & William Goetzmann & K. Rouwenhorst, 2000. "Behavioral Factors in Mutual Fund Flows," Yale School of Management Working Papers ysm8, Yale School of Management, revised 01 Jan 2001.
  5. 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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Cited by:
  1. Martí Ballester, Carmen Pilar, 2013. "Determinants of equity pension plan flows," Economics Discussion Papers 2013-15, Kiel Institute for the World Economy.
  2. Carmen Pilar Martí Ballester, 2014. "Determinants of equity pension plan flows," Estudios de Economia, University of Chile, Department of Economics, vol. 41(1 Year 20), pages 125-148, June.

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