Investor flows and the assessed performance of open-end mutual funds

Edelen, Roger M.

doi:10.1016/s0304-405x(99)00028-8

Cited by 670 publications

(380 citation statements)

References 52 publications

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“…For example, Edelen (1999) estimates that excess trading caused by liquidity can significantly reduce performance, and Edelen, Evans, and Kadlec (2008) try to back out the cost of trading on portfolio returns from holdings data. Other papers such as Wermers (2000), Zheng (2005, 2008), Kacperczyk and Seru (2007) consider how changes in holdings of portfolio managers can be used to predict future returns of mutual funds and evaluate the informativeness of fund trades.…”

Section: Introductionmentioning

confidence: 99%

The demographics of fund turnover

Christoffersen

Sarkissian

2011

Journal of Financial Intermediation

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This article documents various demographic factors which influence mutual fund turnover including managerial experience, location, education, and gender. On average, funds in financial centers trade more but this excess turnover declines with experience. While most extra trading is concentrated among less experienced managers in financial centers, they do not outperform inexperienced managers located in smaller towns. Furthermore, managers in financial centers increase trading after good performance. This result is particularly strong for inexperienced, more educated male fund managers investing in growth stocks and located in New York. Our results provide strong evidence that demographic factors influence fund manager trading behavior.JEL Classification: G2; J1; J24

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Section: Introductionmentioning

confidence: 99%

The demographics of fund turnover

Christoffersen

Sarkissian

2011

Journal of Financial Intermediation

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“…Specifically, Table 1 looks at the distribution of returns, flows, size, fees, and age. We Edelen (1999), Bergstresser and Poterba (2002), and Del Guercio and Tkac (2002), among others.…”

Section: Datamentioning

confidence: 80%

The Economics of Asset Management

et al. 2005

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“…This paper contributes to the literature above in showing that the impact of liquid assets is not constant over time but varies as a function of market-wide liquidity: money market funds with illiquid assets outperform in liquid times but underperform in illiquid times (See Acharya & Pedersen 2005, Massa & Phalippou 2005 There exists a large literature on the negative effect of outflows on the remaining investors in the fund (e.g. Chordia 1996, Nanda, Narayanan & Warther 2000, Edelen 1999). Redemptions create costs, which include for example liquidity-based trading, price impact and commissions.…”

Section: Related Literaturementioning

confidence: 91%