Is Money Smart? A Study of Mutual Fund Investors' Fund Selection Ability (1998)
by
Lu Zheng
| Citations: | 9 - 2 self |
BibTeX
@MISC{Zheng98ismoney,
author = {Lu Zheng},
title = {Is Money Smart? A Study of Mutual Fund Investors' Fund Selection Ability},
year = {1998}
}
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Abstract
Gruber (1996) finds evidence to support selection ability among active fund investors for equity funds listed in 1982. Using a large sample of equity funds, I find evidence that newly invested money is able to predict future fund performance, in that the equally weighted portfolios of funds that receive more money subsequently perform significantly better than those that lose money. There is no significant evidence that funds that receive more money subsequently beat the market, except for the small funds. There is some evidence that the
