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Patient capital outperformance: The investment skill of high active share managers who trade infrequently

Citations

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Cited by:

  1. Mohammad (Vahid) Irani & Hugh Hoikwang Kim, 2023. "The consequences of non‐trading institutional investors," Financial Management, Financial Management Association International, vol. 52(3), pages 433-481, September.
  2. Keith Cuthbertson & Dirk Nitzsche & Niall O’Sullivan, 2023. "UK mutual funds: performance persistence and portfolio size," Journal of Asset Management, Palgrave Macmillan, vol. 24(4), pages 284-298, July.
  3. Jules Van Binsbergen & Jungsuk Han & Hongxun Ruan & Ran Xing, 2024. "A Horizon‐Based Decomposition of Mutual Fund Value Added Using Transactions," Journal of Finance, American Finance Association, vol. 79(3), pages 1831-1882, June.
  4. Nicolò Zorich & Gabriele Cardullo, 2020. "Does Active Management Beat the Market? Evidence from Italy," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 9(3), pages 1-1.
  5. Gormley, Todd A. & Kaplan, Zachary & Verma, Aadhaar, 2022. "More informative disclosures, less informative prices? Portfolio and price formation around quarter-ends," Journal of Financial Economics, Elsevier, vol. 146(2), pages 665-688.
  6. Cuthbertson, Keith & Nitzsche, Dirk & O'Sullivan, Niall, 2022. "Mutual fund performance persistence: Factor models and portfolio size," International Review of Financial Analysis, Elsevier, vol. 81(C).
  7. Takanobu Mizuta & Sadayuki Horie, 2019. "Mechanism by which active funds make market efficient investigated with agent-based model," Evolutionary and Institutional Economics Review, Springer, vol. 16(1), pages 43-63, June.
  8. Allan M. Malz, 2021. "The GameStop Episode: What Happened and What Does It Mean?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 33(4), pages 87-97, December.
  9. Elyasiani, Elyas & Jia, Jingyi, 2025. "Institutional ownership and bank failure," Journal of Financial Stability, Elsevier, vol. 76(C).
  10. Lu, Xiaomeng & Zhang, Xianjun & Guo, Jiaojiao & Yue, Pengpeng, 2024. "Digital finance era: Will individual investors become better players?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
  11. Pinkus, David & Pozzoli, Dario & Schneider, Cédric, 2026. "Pension fund investment and firm innovation," Journal of Corporate Finance, Elsevier, vol. 97(C).
  12. Viktoriya Lantushenko & Edward Nelling, 2021. "Do more active funds still earn higher performance? Evidence from Active Share over time," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(4), pages 725-752, December.
  13. Ha, Yeonjeong & Oh, Haejune, 2024. "Choice for smart investment in mutual funds: Single- or multi-period performance ranks," Finance Research Letters, Elsevier, vol. 59(C).
  14. Tang, Tiantian & Guo, Jiahui & Zou, Liping & Luo, Lu, 2025. "ESG fund performance and fund manager trading strategy: Evidence from China," Global Finance Journal, Elsevier, vol. 67(C).
  15. Agarwal, Vikas & Ren, Honglin & Shen, Ke & Zhao, Haibei, 2021. "Redemption in kind and mutual fund liquidity management," CFR Working Papers 21-11, University of Cologne, Centre for Financial Research (CFR).
  16. Huang, Yuxuan & Zhang, Qiancheng, 2025. "Patient capital and corporate ESG Performance: Empirical evidence from the Chinese stock market," International Review of Economics & Finance, Elsevier, vol. 103(C).
  17. Pástor, Ľuboš & Stambaugh, Robert F. & Taylor, Lucian A., 2020. "Fund tradeoffs," Journal of Financial Economics, Elsevier, vol. 138(3), pages 614-634.
  18. Roberto Stein, 2022. "‘Smart’ copycat mutual funds: on the performance of partial imitation strategies," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-31, December.
  19. Broman, Markus & Fulkerson, Jon, 2025. "Variation in the value of active share across regions of investments: Evidence from global equity funds," Journal of Banking & Finance, Elsevier, vol. 180(C).
  20. Xiaoshuang Yang & Xingyu Chen & Jiaxin Xie, 2021. "Factor Investment: Evaluating Persistence Effect for Investment Performance and Sustainability Exposure," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 13(6), pages 143-143, June.
  21. Miguel, António F. & Chen, Yihao, 2025. "How active is your (nominally) actively managed quantitative fund?," International Review of Financial Analysis, Elsevier, vol. 103(C).
  22. Ren, Yousheng & Ren, Baoquan, 2025. "Does patient capital enhance supply chain resilience in manufacturing enterprises? Evidence from China’s Listed Companies," Finance Research Letters, Elsevier, vol. 86(PG).
  23. Dayani, Arash & Jannati, Sima, 2022. "Running a mutual fund: Performance and trading behavior of runner managers," Journal of Empirical Finance, Elsevier, vol. 69(C), pages 43-62.
  24. Yang, Yingjun & Cheng, Lihong & Ni, Lin & Xu, Xin, 2025. "Debt financing costs, patient capital, and the resilience of real estate enterprises," Finance Research Letters, Elsevier, vol. 83(C).
  25. Timothy B. Riley, 2021. "Portfolios of actively managed mutual funds," The Financial Review, Eastern Finance Association, vol. 56(2), pages 205-230, May.
  26. Yanan Li & Wenjun Wang, 2022. "Company visits and mutual fund performance: new evidence on managerial skills," Journal of Asset Management, Palgrave Macmillan, vol. 23(6), pages 504-521, October.
  27. Flammer, Caroline, 2021. "Corporate green bonds," Journal of Financial Economics, Elsevier, vol. 142(2), pages 499-516.
  28. Valentin Dimitrov & Prem C. Jain, 2026. "Yes, Virginia, there are superstar money managers," Review of Quantitative Finance and Accounting, Springer, vol. 66(2), pages 867-886, February.
  29. Jongmoo Jay Choi & Jimi Kim & Oded Shenkar, 2023. "Temporal Orientation and Corporate Social Responsibility: Global Evidence," Journal of Management Studies, Wiley Blackwell, vol. 60(1), pages 82-119, January.
  30. Jiang, George J. & Zaynutdinova, Gulnara R. & Zhang, Huacheng, 2021. "Stock-selection timing," Journal of Banking & Finance, Elsevier, vol. 125(C).
  31. Beggs, William & DeVault, Luke, 2022. "Mutual fund (sub)advisor connections and crowds," Journal of Empirical Finance, Elsevier, vol. 67(C), pages 231-252.
  32. Rina Rachmawati & Sugeng Wahyudi & Irene Rini Demi Pangestuti & Najmudin, 2020. "Funds Manager and Mutual Funds Characteristics on Mutual Funds Performance: Empirical Evidence of Equity Mutual Funds in Indonesia," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(2), pages 77-87, April.
  33. Yifei Guo & Kang Wang & Qiongqi Xiao, 2026. "Technology Equity and Enterprise Innovation—Perspectives on Entire Innovation Chain," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 66(1), pages 785-800, March.
  34. DeVault, Luke & Turtle, H.J. & Wang, Kainan, 2021. "Blessing or curse? Institutional investment in leveraged ETFs," Journal of Banking & Finance, Elsevier, vol. 129(C).
  35. Scheld, Dominik & Stolper, Oscar, 2023. "Leveling the playing field? The effect of disclosing fund manager activeness to individual investors," Journal of Banking & Finance, Elsevier, vol. 154(C).
  36. Loban, Lidia & Sarto, José Luis & Vicente, Luis, 2020. "Eurozone regulation bias in the active share measure," International Review of Financial Analysis, Elsevier, vol. 72(C).
  37. Artiga González, Tanja & van Lelyveld, Iman & Lučivjanská, Katarína, 2020. "Pension fund equity performance: Patience, activity or both?," Journal of Banking & Finance, Elsevier, vol. 115(C).
  38. Dirk Schoenmaker & Willem Schramade, 2019. "Investing for long-term value creation," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 9(4), pages 356-377, October.
  39. Tanja Artiga Gonzalez & Iman van Lelyveld & Katarina Lucivjanska, 2018. "Pension fund equity performance: Patience, activity or both?," DNB Working Papers 606, Netherlands Central Bank, Research Department.
  40. Dannhauser, Caitlin D. & Spilker, Harold D., 2023. "The Modern Mutual Fund Family," Journal of Financial Economics, Elsevier, vol. 148(1), pages 1-20.
  41. Ekaterini Panopoulou & Nikolaos Voukelatos, 2022. "Should hedge funds deviate from the benchmark?," Financial Management, Financial Management Association International, vol. 51(3), pages 767-795, September.
  42. Zhang, Jinhua & Wang, Guipu & Yan, Cheng, 2020. "Can foreign equity funds outperform their benchmarks? New evidence from fund-holding data for China," Economic Modelling, Elsevier, vol. 90(C), pages 11-20.
  43. Beetsma, Roel & Jensen, Svend E. Hougaard & Pinkus, David & Pozzoli, Dario, 2024. "Do Pension Fund Equity Investments Raise Firm Productivity? Evidence From Danish Data," Working Papers 2-2024, Copenhagen Business School, Department of Economics.
  44. Eliezer Fich & Viktoriya Lantushenko & Clemens Sialm, 2019. "Institutional Trading Around M&A Announcements," NBER Working Papers 25814, National Bureau of Economic Research, Inc.
  45. Trzebiński, Artur, . "Koszt aktywnego zarządzania funduszami inwestycyjnymi w Polsce," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2022(3).
  46. Erhemjamts, Otgontsetseg & Huang, Kershen, 2019. "Institutional ownership horizon, corporate social responsibility and shareholder value," Journal of Business Research, Elsevier, vol. 105(C), pages 61-79.
  47. Breuer, Wolfgang & Trauzettel, Till & Müller, Torbjörn & Salzmann, Astrid, 2024. "An International Perspective on Corporate Social Responsibility, Investor Time Preferences, and Cost of Equity," International Business Review, Elsevier, vol. 33(1).
  48. Beggs, William, 2022. "The company you keep: Investment adviser clientele and mutual fund performance✰," Journal of Financial Intermediation, Elsevier, vol. 50(C).
  49. Denis Davydov & Jarkko Peltomäki, 2023. "Investor attention and the use of leverage," The Financial Review, Eastern Finance Association, vol. 58(2), pages 287-313, May.
  50. Boermans, Martijn A. & Galema, Rients, 2019. "Are pension funds actively decarbonizing their portfolios?," Ecological Economics, Elsevier, vol. 161(C), pages 50-60.
  51. Qiyuan Peng & Sheri Tice & Ling Zhou, 2023. "Mutual funds and stock fundamentals," Review of Quantitative Finance and Accounting, Springer, vol. 60(4), pages 1329-1361, May.
  52. Xu, Jian & Zheng, Jiaxing, 2022. "Mass media, air quality, and management turnover," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
  53. Jin, Liang & Taffler, Richard & Eshraghi, Arman & Tosun, Onur Kemal, 2020. "Fund manager conviction and investment performance," International Review of Financial Analysis, Elsevier, vol. 71(C).
  54. Liao, Wenbin & Du, Jianing & Sun, Ping-Wen, 2020. "Heterogeneous institutional preferences and informativeness: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 60(C).
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