کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959951 929393 2009 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Performance evaluation and self-designated benchmark indexes in the mutual fund industry
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Performance evaluation and self-designated benchmark indexes in the mutual fund industry
چکیده انگلیسی
Almost one-third of actively managed, diversified U.S. equity mutual funds specify a size and value/growth benchmark index in the fund prospectus that does not match the fund's actual style. Nevertheless, these “mismatched” benchmarks matter to fund investors. Performance relative to the specified benchmark is a significant determinant of a fund's subsequent cash inflows, even controlling for performance measures that better capture the fund's style. These incremental flows appear unlikely to be rational responses to abnormal returns. The evidence is consistent with the notion that mismatched self-designated benchmarks result from strategic fund behavior driven by the incentive to improve flows.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 92, Issue 1, April 2009, Pages 25-39
نویسندگان
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