Can Mutual Fund “Stars” Really Pick Stocks? New Evidence from a Bootstrap Analysis

CFA Digest ◽  
2007 ◽  
Vol 37 (2) ◽  
pp. 28-29
Author(s):  
Johann U. de Villiers
Keyword(s):  
Mutual Fund ◽  
Bootstrap Analysis ◽  
New Evidence

scholarly journals Can Mutual Fund “Stars” Really Pick Stocks? New Evidence from a Bootstrap Analysis

2006 ◽  
Vol 61 (6) ◽  
pp. 2551-2595 ◽  
Author(s):  
ROBERT KOSOWSKI ◽  
ALLAN TIMMERMANN ◽  
RUSS WERMERS ◽  
HAL WHITE
Keyword(s):  
Mutual Fund ◽  
Bootstrap Analysis ◽  
New Evidence

scholarly journals Can Mutual Fund 'Stars' Really Pick Stocks? New Evidence from a Bootstrap Analysis

2003 ◽  
Author(s):  
Russ R. Wermers ◽  
Robert Kosowski ◽  
Allan G. Timmermann ◽  
Halbert L. White, Jr.
Keyword(s):  
Mutual Fund ◽  
Bootstrap Analysis ◽  
New Evidence

What Drives Short-Sale Strategies? New Evidence from Mutual Fund Trades

2016 ◽  
Author(s):  
Salman Arif ◽  
Azi Ben-Rephael ◽  
Charles M.C. Lee
Keyword(s):  
Mutual Fund ◽  
Short Sale ◽  
New Evidence

scholarly journals New evidence of scope economies among lending, deposit-taking, loan commitments and mutual fund activities

2005 ◽  
Vol 57 (3) ◽  
pp. 187-207 ◽  
Author(s):  
Santiago Carbó Valverde ◽  
Francisco Rodríguez Fernández
Keyword(s):  
Mutual Fund ◽  
Scope Economies ◽  
Loan Commitments ◽  
New Evidence

Affinities of the Australian endemic akaniaceae: New evidence from rbcL sequences

1992 ◽  
Vol 5 (6) ◽  
pp. 717 ◽  
Author(s):  
PA Gradek ◽  
CJ Quinn ◽  
JE Rodman ◽  
KG Karol ◽  
E Conti ◽  
...  
Keyword(s):  
Sequence Data ◽  
Sister Group ◽  
Monophyletic Group ◽  
Bootstrap Analysis ◽  
Monophyletic Cluster ◽  
Tentative Evidence ◽  
Cladistic Analyses ◽  
New Evidence ◽  
Ordinal Level ◽  
Rbcl Sequences

The affinities of the Australian monotypic endemic family Akaniaceae, traditionally assigned to the Sapindales, are reassessed on the basis of comparative sequence data for the chloroplast encoded gene, rbcL. Cladistic analyses show Akania to cluster robustly with Bretschneidera and then Tropaeolum, within the clade of glucosinolate Capparalean families. Eight species representing six other families assigned to the Sapindales, plus Leitneria, formed a monophyletic cluster in 100% of trees in a bootstrap analysis with 500 replicates. This Sapindalean clade is shown to be supported by 17 synapomorphs, only one of which occurs in Akania. Relationships at the ordinal level, among the Sapindalean, Malvalean, Capparalean and Myrtalean clades, are, however, not well resolved. While the most parsimonious arrangement has the Malvales as sister-group to the Sapindales, with the Capparalean and Myrtalean clades joining in sequence, the occurrence of an apomorphic triplet of bases at positions 294–6 in all members of the Malvales, Myrtales and Sapindales so far examined is tentative evidence that these orders may constitute a monophyletic group.

Individual investors' responses to mutual fund fire sales and sell-side analysts' price-correcting revisions

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jinglin Jiang ◽  
Weiwei Wang
Keyword(s):  
Mutual Fund ◽  
Individual Investors ◽  
Earnings Forecast ◽  
Content Type ◽  
Forecast Revisions ◽  
Fire Sales ◽  
Informed Traders ◽  
Trading Decisions ◽  
Information Event ◽  
New Evidence

PurposeThis paper investigates individual investors' responses to stock underpricing and how their trading decisions are affected by analysts' forecasts and recommendations.Design/methodology/approachThis empirical study uses mutual fund fire sales as an exogenous source that causes stock underpricing and analysts' forecasts and recommendations as price-correcting information. The study further uses regression analysis to examine individual investors' responses to fire sales and how their responses vary with price-correcting information.FindingsThe authors first show that individual investors respond to mutual fund fire sales by significantly decreasing net buys, and this effect appears to be prolonged. Next, the authors find that the decrease of net buys diminishes following analysts' price-correcting earnings forecast revisions and stock recommendation changes. Hence, the authors suggest that individual investors are not “wise” enough to recognize flow-driven underpricing; however, this response is weakened by analysts' price-correcting information.Originality/valueThere is an ongoing debate in the literature about whether individual investors should be portrayed as unsophisticated traders or informed traders who can predict future returns. The authors study a unique information event and provide new evidence related to both perspectives. Overall, our evidence suggests that the “unsophisticated traders” perspective is predominant, whereas a better information environment significantly reduces individual investors' information disadvantage. This finding could be of interest to both academic researchers and regulators.

scholarly journals The Ethical Mutual Fund Performance Debate: New Evidence from Canada

2006 ◽  
Vol 70 (2) ◽  
pp. 111-124 ◽  
Author(s):  
Rob Bauer ◽  
Jeroen Derwall ◽  
Rogér Otten
Keyword(s):  
Mutual Fund ◽  
Fund Performance ◽  
Mutual Fund Performance ◽  
New Evidence

scholarly journals New Evidence on Mutual Fund Performance: A Comparison of Alternative Bootstrap Methods

2017 ◽  
Vol 52 (3) ◽  
pp. 1279-1299 ◽  
Author(s):  
David Blake ◽  
Tristan Caulfield ◽  
Christos Ioannidis ◽  
Ian Tonks
Keyword(s):  
Confidence Intervals ◽  
Mutual Fund ◽  
Cross Correlation ◽  
Fund Performance ◽  
Mutual Fund Performance ◽  
Bootstrap Methods ◽  
Fund Managers ◽  
Mutual Fund Manager ◽  
New Evidence ◽  
Over Time

We compare two bootstrap methods for assessing mutual fund performance. The first produces narrow confidence intervals due to pooling over time, whereas the second produces wider confidence intervals because it preserves the cross correlation of fund returns. We then show that the average U.K. equity mutual fund manager is unable to deliver outperformance net of fees under either bootstrap. Gross of fees, 95% of fund managers on the basis of the first bootstrap and all fund managers on the basis of the second bootstrap fail to outperform the luck distribution of gross returns.

Mutual Fund Tournaments: The Sorting Bias and New Evidence

2011 ◽  
Vol 25 (3) ◽  
pp. 913-936 ◽  
Author(s):  
Christopher G. Schwarz
Keyword(s):  
Mutual Fund ◽  
New Evidence
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