The Telling Trades of Mutual Funds
"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.
Volume (Year): 38 (2009)
Issue (Month): 4 (December)
|Contact details of provider:|| Postal: |
Web page: http://www.blackwellpublishing.com/journal.asp?ref=0046-3892
More information through EDIRC
|Order Information:||Web: http://www.blackwellpublishing.com/subs.asp?ref=0046-3892|
When requesting a correction, please mention this item's handle: RePEc:bla:finmgt:v:38:y:2009:i:4:p:915-936. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.