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| Tekijä: | Harless, D. Peterson, S. |
| Otsikko: | Investor behavior and the persistence of poorly-performing mutual funds |
| Lehti: | Journal of Economic Behavior and Organization
1998 : NOV 30, VOL. 37:3, p. 257-276 |
| Asiasana: | ECONOMIC BEHAVIOUR UNIT TRUSTS ORGANIZATION |
| Kieli: | eng |
| Tiivistelmä: | Recent studies tentatively suggest some mutual funds have near-term, persistent positive performance, but reinforce earlier findings that other funds have long-term persistent negative performance. In this paper the authors ask how consistently underperforming mutual funds are able to persist nevertheless. The authors compare two models. One model incorporates the assumption that investors choose funds on the basis of past risk-adjusted returns. the other model assumes investors react to recent returns without considering the predictive validity of reforms. |
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