Do mutual fund flows drive the disposition behaviour of fund managers?

Min Hsien Chiang, Hsin Yi Huang

研究成果: Article

摘要

This study examines the relationship between fund flows and the disposition behaviour of fund managers. During our sample period of 1996-2014, we find that the disposition biases of fund managers are significantly and negatively correlated with unexpected fund flows but insignificantly correlated with expected fund flows. Additionally, funds embedded with a higher capital gains tax overhang tend to have managers with lower disposition biases. Further evidence shows that fund performance is influenced more by the flow-induced than the nonflow- induced disposition behaviour of fund managers.

原文English
頁(從 - 到)311-323
頁數13
期刊Investment Analysts Journal
46
發行號4
DOIs
出版狀態Published - 2017 一月 1

All Science Journal Classification (ASJC) codes

  • Accounting
  • Finance
  • Economics and Econometrics

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