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The behavior of Taiwan mutual fund investors—performance and fund flows
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The behavior of Taiwan mutual fund investors—performance and fund flows (2002)The behavior of Taiwan mutual fund invest…Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows* (2005)Out of Sight, Out of Mind: Th…Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows (2000)Truth in Mutual Fund Advertis…Is Money Smart? A Study of Mutual Fund Investors' Fund Selection Ability (1999)Is Money Smart? A Study of Mu…Investor flows and the assessed performance of open-end mutual funds (1999)Investor flows and the assess…Costly Search and Mutual Fund Flows (1998)Costly Search and Mutual Fund…Are Investors Reluctant to Realize Their Losses? (1998)Are Investors Reluctant to Re…Risk Taking by Mutual Funds as a Response to Incentives (1997)Risk Taking by Mutual Funds a…COGNITIVE DISSONANCE AND MUTUAL FUND INVESTORS (1997)COGNITIVE DISSONANCE AND MUTU…Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry (1996)Of Tournaments and Temptation…Another Puzzle: The Growth in Actively Managed Mutual Funds (1996)Another Puzzle: The Growth in…Risk Taking by Mutual Funds as a Response to Incentives (1995)Risk Taking by Mutual Funds a…Hot Hands in Mutual Funds: Short-Run Persistence of Relative Performance, 1974-1988 (1993)Hot Hands in Mutual Funds: Sh…The Persistence of Mutual Fund Performance (1992)The Persistence of Mutual Fun…Consumer Reaction to Measures of Poor Quality: Evidence from the Mutual Fund Industry (1992)Consumer Reaction to Measures…The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence (1985)The Disposition to Sell Winne…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The effect of financial literacy on long-term recognition and short-term trade in mutual funds: Evidence from Japan (2023)The effect of financial liter…The influence of earnings management on bank efficiency: the case of frontier markets (2021)The influence of earnings man…Perception-Based Decisions, Strategic Alliances and Optimal Financial Contracting: Auctions, Strategic Alliances and a Critique of Third-Generation Prospect Theory and Related Approaches (2019)Perception-Based Decisions, S…Risk aversion, the disposition effect and decision-making in groups (2014)Risk aversion, the dispositio…Determinants of equity pension plan flows (2014)Determinants of equity pensio…Professionalization of Family Business and Performance Effect (2013)Professionalization of Family…Earnings Management to Avoid Earnings Decreases and Losses: Empirical Evidence from Islamic Banking Industry (2012)Earnings Management to Avoid …Size and performance of Chinese mutual funds: The role of economy of scale and liquidity (2011)Size and performance of Chine…Market states and disposition effect: evidence from Taiwan mutual fund investors (2011)Market states and disposition…Mutual fund herding its impact on stock returns: Evidence from the Taiwan stock market (2010)Mutual fund herding its impac…Herding and the role of foreign institutions in emerging equity markets (2009)Herding and the role of forei…The Costs of Owning Employer Stocks: Lessons from Taiwan (2008)The Costs of Owning Employer …The Behavior and Performance of Foreign Investors in Emerging Equity Markets: Evidence from Taiwan (2003)The Behavior and Performance …CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)The arbitrage theory of capital asset pricing (1976)The Performance of Hedge Funds: Risk, Return, and Incentives (1999)Mutual Fund Flows and Performance in Rational Markets (2002)On the Industry Concentration of Actively Managed Equity Mutual Funds (2005)THE PERFORMANCE OF MUTUAL FUNDS IN THE PERIOD 1945–1964 (1968)Efficient Capital Markets: II (1991)Breadth of ownership and stock returns (2002)The market for borrowing stock (2002)The Small World of Investing: Board Connections and Mutual Fund Returns (2008)The effect of bonus schemes on accounting decisions (1985)Aggregation and Linearity in the Provision of Intertemporal Incentives (1987)Managerial Incentive Problems: A Dynamic Perspective (1999)The Geography of Investment: Informed Trading and Asset Prices (2001)Mutual Fund Flows and Performance in Rational Markets (2004)Asset Fire Sales (and Purchases) in Equity Markets (2005)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Mutual Fund Performance: An Empirical Decomposition into Stock‐Picking Talent, Style, Transactions Costs, and Expenses (2000)Luck versus Skill in the Cross‐Section of Mutual Fund Returns (2010)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Rank-Order Tournaments as Optimum Labor Contracts (1979)Rank-Order Tournaments as Optimum Labor Contracts (1981)Prizes and Incentives in Elimination Tournaments (1985)Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization (2004)Prospect Theory: An Analysis of Decision under Risk (1979)Toward a positive theory of consumer choice (1980)Prospect theory: An analysis of decision under risk (1988)Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors (2000)All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors (2007)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Investor Psychology and Asset Pricing (2001)Herding and Feedback Trading by Institutional and Individual Investors (1999)Has Financial Development Made the World Riskier? (2005)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1998Are Investors Reluctant to Realize Their Losses?3,721 cited
  • 1985The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence3,550 cited
  • 1998Costly Search and Mutual Fund Flows3,217 cited
  • 1997Risk Taking by Mutual Funds as a Response to Incentives2,295 cited
  • 1996Another Puzzle: The Growth in Actively Managed Mutual Funds2,093 cited
  • 1995Risk Taking by Mutual Funds as a Response to Incentives1,582 cited
  • 1996Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry1,491 cited
  • 1993Hot Hands in Mutual Funds: Short-Run Persistence of Relative Performance, 1974-19881,219 cited
  • 1992Consumer Reaction to Measures of Poor Quality: Evidence from the Mutual Fund Industry1,065 cited
  • 1992The Persistence of Mutual Fund Performance1,040 cited
  • 1999Is Money Smart? A Study of Mutual Fund Investors' Fund Selection Ability816 cited
  • 2005Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows*800 cited
  • 1999Investor flows and the assessed performance of open-end mutual funds731 cited
  • 2000Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows

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540 cited
  • 1997COGNITIVE DISSONANCE AND MUTUAL FUND INVESTORS524 cited
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    • 2003The Behavior and Performance of Foreign Investors in Emerging Equity Markets: Evidence from Taiwan65 cited
    • 2011Size and performance of Chinese mutual funds: The role of economy of scale and liquidity65 cited
    • 2010Mutual fund herding its impact on stock returns: Evidence from the Taiwan stock market62 cited
    • 2011Market states and disposition effect: evidence from Taiwan mutual fund investors49 cited
    • 2012Earnings Management to Avoid Earnings Decreases and Losses: Empirical Evidence from Islamic Banking Industry46 cited
    • 2009Herding and the role of foreign institutions in emerging equity markets45 cited
    • 2008The Costs of Owning Employer Stocks: Lessons from Taiwan29 cited
    • 2021The influence of earnings management on bank efficiency: the case of frontier markets25 cited
    • 2014Determinants of equity pension plan flows18 cited
    • 2023The effect of financial literacy on long-term recognition and short-term trade in mutual funds: Evidence from Japan17 cited
    • 2014Risk aversion, the disposition effect and decision-making in groups0 cited
    • 2019Perception-Based Decisions, Strategic Alliances and Optimal Financial Contracting: Auctions, Strategic Alliances and a Critique of Third-Generation Prospect Theory and Related Approaches0 cited