Mutual Fund Performance and Performance Persistence: The Impact of Fund Flows and Manager Changes PDF
604 Pages·2011·2.949 MB·English
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Description:
Superior investment performance is the ultimate objective of mutual fund investors. However, past fund performance is no reliable indicator of future performance. Peter Lückoff investigates why fund flows and manager changes act as equilibrium mechanisms and drive the performance of both previously outperforming and previously under-performing funds back to average levels. These results have important implications for investors, investment management companies and regulators.
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