1 option
Dumb money : mutual fund flows and the cross-section of stock returns / Andrea Frazzini, Owen A. Lamont.
- Format:
- Book
- Author/Creator:
- Frazzini, Andrea, author.
- Lamont, Owen A., author.
- Series:
- Working Paper Series (National Bureau of Economic Research) ; Number ww11526.
- Working Paper Series (National Bureau of Economic Research) ; Number ww11526
- Language:
- English
- Subjects (All):
- Mutual funds--Econometric models.
- Mutual funds.
- Stocks--Econometric models.
- Stocks.
- Physical Description:
- 1 online resource (58 pages) : illustrations.
- Place of Publication:
- Cambridge, Massachusetts : National Bureau of Economic Research, 2005.
- Summary:
- We use mutual fund flows as a measure for individual investor sentiment for different stocks, and find that high sentiment predicts low future returns at long horizons. Fund flows are dumb money - by reallocating across different mutual funds, retail investors reduce their wealth in the long run. This dumb money effect is strongly related to the value effect. High sentiment also is associated high corporate issuance, interpretable as companies increasing the supply of shares in response to investor demand.
- Notes:
- Description based on publisher supplied metadata and other sources.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.