Which Money Is Smart? Mutual Fund Buys and Sells of Individual and Institutional Investors  

Oleh:

Keswani, Aneel ; Stolin, David

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 63 no. 1 (Feb. 2008), page 85-118.
Topik: Money; Mutual Fund Buys; Sells of Individual; Institutional Investors
Fulltext: p 85.pdf (165.31KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

Gruber (1996) and Zheng (1999) report that investors channel money toward mutual funds that subsequently perform well. Sapp and Tiwari (2004) find that this "smart money" effect no longer holds after controlling for stock return momentum. While prior work uses quarterly U.S. data, we employ a British data set of monthly fund inflows and outflows differentiated between individual and institutional investors. We document a robust smart money effect in the United Kingdom. The effect is caused by buying (but not selling) decisions of both individuals and institutions. Using monthly data available post-1991 we show that money is comparably smart in the United States.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali