Conditional Market Timing in the Mutual Fund Industry

Abstract

This study complements the scarce literature on conditional market timing in the mutual fund industry by assessing determinants of market timing throughout the distribution of market exposure. It builds on the intuition that the degree of responsiveness by fund managers to The findings broadly suggest that blanket responses of market exposures to investigated factors are unlikely to represent feasible strategies for fund managers unless they are contingent on initial levels of market exposure and tailored differently across 'highly exposed'-fund managers and 'lowly exposed'-fund managers. Implications for investors and fund managers are discussed.

The conditional relationship between renewable energy and environmental quality in sub-Saharan Africa

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