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The Telling Trades of Mutual Funds


  • Gina Nicolosi


"Under the assumption that mutual funds trade at quarter commencement, some funds exhibit and exploit persistent stock selection talent; that is, the stocks purchased consistently outperform the stocks sold, and the higher turnover of these funds indicates that managers are capitalizing on their forecasting abilities. However, any evidence of sustained stock selection skill disappears when alternate trade-timing assumptions are considered, suggesting that some skilled managers are electing to trade earlier than previously assumed. Overall, the results question the appropriateness of the quarter-end trading assumption and the validity of existing studies that employ it". Copyright (c) 2009 Financial Management Association International.

Suggested Citation

  • Gina Nicolosi, 2009. "The Telling Trades of Mutual Funds," Financial Management, Financial Management Association International, vol. 38(4), pages 915-936, December.
  • Handle: RePEc:bla:finmgt:v:38:y:2009:i:4:p:915-936

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    Cited by:

    1. Matallín-Sáez, Juan Carlos, 2015. "A note on market timing: Interim trading and the performance of holdings-based and return-based measures," International Review of Economics & Finance, Elsevier, vol. 35(C), pages 90-99.
    2. Jon A. Fulkerson, 2013. "Is Timing Everything? The Value of Mutual Fund Manager Trades," Financial Management, Financial Management Association International, vol. 42(2), pages 243-261, June.

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