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Timing Ability of China Mutual Fund Investors.
- Source :
- Emerging Markets Finance & Trade; Sep/Oct2012 Supplement, Vol. 48, p116-128, 13p, 8 Charts
- Publication Year :
- 2012
-
Abstract
- This paper considers 250 funds between 2001 Q4 and 2009 Q2. The funds included must have data for at least eight quarters. By comparing dollar-weighted average return and geometric average return of a fund, the paper shows that fund investors always have inferior ability on timing. Their worst performance is related to a fund's larger size, higher subscription fee, better ratings, and higher geometric average returns. Funds of the above characteristics may easily draw the attention of less-informed investors and trigger their timing behavior. As a result, they buy at high prices and sell at low prices. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 1540496X
- Volume :
- 48
- Database :
- Complementary Index
- Journal :
- Emerging Markets Finance & Trade
- Publication Type :
- Academic Journal
- Accession number :
- 84461689
- Full Text :
- https://doi.org/10.2753/REE1540-496X4805S307