2014
DOI: 10.1007/s10693-014-0198-2
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Mutual Fund Trading and Portfolio Disclosures

Abstract: AcknowledgementsThe authors would like to thank the UCEIF Foundation and the research project 268-159 of the University of Zaragoza for their financial support. The authors are also grateful to José Luis Sarto and Auke Plantinga for their insightful comments and suggestions. Any possible errors contained in this article are the exclusive responsibility of the authors. Mutual Fund Trading and Portfolio Disclosures AbstractThis paper analyzes a unique database of monthly portfolio holdings of a large sample of S… Show more

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Cited by 7 publications
(3 citation statements)
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“…3. Some studies on the Spanish mutual fund industry examine WD (in equity and bond funds) and the January effect and confirm that investors react to portfolio holdings information in this market (see, for example, Ortiz et al, 2010Ortiz et al, , 2012Ortiz et al, , 2015. There are also studies that examine other research questions in the Spanish industry that show that investors use information based on disclosed portfolio holdings to assess managerial ability in conjunction with past performance (see, for example, Álvarez et al, 2014;Andreu et al, 2017).…”
Section: Orcid Idmentioning
confidence: 95%
“…3. Some studies on the Spanish mutual fund industry examine WD (in equity and bond funds) and the January effect and confirm that investors react to portfolio holdings information in this market (see, for example, Ortiz et al, 2010Ortiz et al, , 2012Ortiz et al, , 2015. There are also studies that examine other research questions in the Spanish industry that show that investors use information based on disclosed portfolio holdings to assess managerial ability in conjunction with past performance (see, for example, Álvarez et al, 2014;Andreu et al, 2017).…”
Section: Orcid Idmentioning
confidence: 95%
“…Furthermore, 79% of the funds explicitly tie the manager's bonus to the fund's investment performance. In addition to aiming to clinch a bonus, a manager may engage in window dressing to provide a positive image to investors by systematically rebalancing portfolio holdings over the year after locking in desired returns (Haugen and Lakonishok 1988;Lakonishok et al 1991;Ortiz et al 2015). Gamesmanship and window dressing are tactics fund managers use to gain a psychological advantage and provide a winning strategy that assures a performance-based bonus.…”
Section: Literature Reviewmentioning
confidence: 99%
“…A realocação frenética de recursos ocorre pela negociação rápida de ativos na busca pela captação de anomalias de mercado e rentabilidade. Estudos anteriores identificaram que uma anomalia está relacionada, em parte, a anúncios da política de dividendos, (BAJAJ;VIJH, 1990;ONEAL, 2006;CASE et al, 2012;DENG et al, 2015;ORTIZ et al, 2015).…”
Section: Contextualização E Objetivosunclassified