Does Herding and Anti-Herding Reflect Portfolio Managers’ Abilities in Emerging Markets?
Dachen Sheng,
Heather A. Montgomery
Abstract:This study investigates the relationship between herding behaviors and the abilities of Chinese mutual fund managers. Adapting existing methodologies to suit the low information disclosure environment of the Chinese market, we measure herding behaviors and managers’ abilities. Our analysis goes beyond traditional approaches by examining the contribution of herding outcomes to picking and timing abilities linked with mutual fund flows. Moreover, we extend this investigation to incorporate manager replacements a… Show more
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