Uncommon Value: The Investment Performance of Contrarian Funds
The popular media has long excoriated institutional fund managers for their tendency to trade together in a “herd-like manner, with little regard for fundamental stock values.1 Indeed, academic studies seem to reinforce this impression by documenting several regularities in stock trades by mutual fund managers. For instance, it is well-known that equity funds collectively chase past winning stocks, as well as favoring glamour stocks (e.g., Grinblatt, Titman, and Wermers, 1995; Falkenstein, 1996).
国际会议
广州
英文
1-57
2009-07-07（万方平台首次上网日期，不代表论文的发表时间）