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Dumb money: Mutual fund flows and the cross-section of stock returns
16 references·16 citing·28 second hopsampled
Dumb money: Mutual fund flows and the cross-section of stock returns (2008)Dumb money: Mutual fund flows and the cro…All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors (2007)All That Glitters: The Effect…Investor Sentiment and the Cross‐Section of Stock Returns (2006)Investor Sentiment and the Cr…The theory and practice of corporate finance: evidence from the field (2001)The theory and practice of co…Boys will be Boys: Gender, Overconfidence, and Common Stock Investment (2001)Boys will be Boys: Gender, Ov…Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors (2000)Trading Is Hazardous to Your …Do Investors Trade Too Much? (1999)Do Investors Trade Too Much?Costly Search and Mutual Fund Flows (1998)Costly Search and Mutual Fund…Risk Taking by Mutual Funds as a Response to Incentives (1997)Risk Taking by Mutual Funds a…Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks (1997)Measuring Mutual Fund Perform…Industry costs of equity (1997)Industry costs of equityDetecting long-run abnormal stock returns: The empirical power and specification of test statistics (1997)Detecting long-run abnormal s…The New Issues Puzzle (1995)The New Issues PuzzleReturns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Returns to Buying Winners and…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…Does the Stock Market Overreact? (1985)Does the Stock Market Overrea…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…What Do Mutual Fund Investors Really Care About? (2021)What Do Mutual Fund Investors…Institutional investors and stock return anomalies (2016)Institutional investors and s…Winners in the spotlight: Media coverage of fund holdings as a driver of flows (2014)Winners in the spotlight: Med…Money Doctors (2014)Money DoctorsThe Growth of Finance (2013)The Growth of FinanceHow Wise Are Crowds? Insights from Retail Orders and Stock Returns (2013)How Wise Are Crowds? Insights…Cognitive Dissonance, Sentiment, and Momentum (2012)Cognitive Dissonance, Sentime…A Flow-Based Explanation for Return Predictability (2012)A Flow-Based Explanation for …Who Drove and Burst the Tech Bubble? (2011)Who Drove and Burst the Tech …Behavioral biases of mutual fund investors (2011)Behavioral biases of mutual f…Measuring investor sentiment with mutual fund flows (2010)Measuring investor sentiment …Is ethical money financially smart? Nonfinancial attributes and money flows of socially responsible investment funds (2010)Is ethical money financially …Investor sentiment and the stock market’s reaction to monetary policy (2009)Investor sentiment and the st…Institutional industry herding (2009)Institutional industry herdingSmall Trades and the Cross-Section of Stock Returns (2008)Small Trades and the Cross-Se…Fight or Flight? Portfolio Rebalancing by Individual Investors (2008)Fight or Flight? Portfolio Re…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Cross-Section of Expected Stock Returns (1992)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)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)The General Theory of Employment, Interest and Money, by John Maynard Keynes (1936)The General Theory of Employment, Interest and Money. (1936)Judgment Under Uncertainty: Heuristics and Biases. (1984)Prospect theory: An analysis of decision under risk (1988)On Persistence in Mutual Fund Performance (1997)Media Coverage and the Cross‐section of Stock Returns (2009)Who Gambles in the Stock Market? (2009)In Search of Attention (2011)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Corporate financing and investment decisions when firms have information that investors do not have (1984)Managing with Style: The Effect of Managers on Firm Policies (2003)Law, finance, and economic growth in China (2005)The economic implications of corporate financial reporting (2005)Judgment under Uncertainty: Heuristics and Biases (1975)Gender Differences in Preferences (2009)Women in the boardroom and their impact on governance and performance☆ (2009)Multifactor Explanations of Asset Pricing Anomalies (1996)Conditional Skewness in Asset Pricing Tests (2000)Investor Psychology and Security Market Under‐ and Overreactions (1998)Giving Content to Investor Sentiment: The Role of Media in the Stock Market (2007)Integración de los mercados financieros Latinoamericanos por medio de MILA (2020)Investor Psychology and Asset Pricing (2001)
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References

  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1993Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency11,575 cited
  • 1985Does the Stock Market Overreact?7,569 cited
  • 2006Investor Sentiment and the Cross‐Section of Stock Returns6,042 cited
  • 2001The theory and practice of corporate finance: evidence from the field5,947 cited
  • 1997Industry costs of equity5,793 cited
  • 2001Boys will be Boys: Gender, Overconfidence, and Common Stock Investment5,215 cited
  • 2007All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors4,550 cited
  • 2000Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors3,953 cited
  • 1995The New Issues Puzzle3,550 cited
  • 1998Costly Search and Mutual Fund Flows3,217 cited
  • 1997Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks2,844 cited
  • 1997Detecting long-run abnormal stock returns: The empirical power and specification of test statistics2,690 cited
  • 1997Risk Taking by Mutual Funds as a Response to Incentives

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2,295 cited
  • 1999Do Investors Trade Too Much?2,245 cited
  • Cited by

    • 2012A Flow-Based Explanation for Return Predictability769 cited
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    • 2010Is ethical money financially smart? Nonfinancial attributes and money flows of socially responsible investment funds455 cited
    • 2013The Growth of Finance452 cited
    • 2011Behavioral biases of mutual fund investors451 cited
    • 2008Fight or Flight? Portfolio Rebalancing by Individual Investors409 cited
    • 2012Cognitive Dissonance, Sentiment, and Momentum407 cited
    • 2008Small Trades and the Cross-Section of Stock Returns396 cited
    • 2009Institutional industry herding387 cited
    • 2009Investor sentiment and the stock market’s reaction to monetary policy379 cited
    • 2010Measuring investor sentiment with mutual fund flows374 cited
    • 2014Winners in the spotlight: Media coverage of fund holdings as a driver of flows361 cited
    • 2011Who Drove and Burst the Tech Bubble?318 cited
    • 2021What Do Mutual Fund Investors Really Care About?310 cited
    • 2016Institutional investors and stock return anomalies310 cited