Mutual Fund Performance and Performance Persistence: The Impact of Fund Flows and Manager Changes [Paperback]

Eine interessante Lekt?re mit neuen Erkenntnissen sowohl f?r Akademiker als auch Investoren. Absolut report, 4-2012

Dr. Peter L?ckoff was a research associate at the Center for Finance and Banking at the University of Giessen (Professor Wolfgang Bessler), a junior research fellow at the Pensions Institute of Cass Business School, London, and a visiting research fellow at Exeter University Business School.Superior investment performance is the ultimate objective of mutual fund investors. However, past fund performance is no reliable indicator of future performance. Peter L?ckoff investigates why fund flows and manager changes act as equilibrium mechanisms and drive the performance of both previously outperforming and previously underperforming funds back to average levels. These results have important implications for investors, investment management companies and even regulators.Superior investment performance is the ultimate objective of mutual fund investors. However, past fund performance is no reliable indicator of future performance. Peter L?ckoff investigates why fund flows and manager changes act as equilibrium mechanisms and drive the performance of both previously outperforming and previously underperforming funds back to average levels. These results have important implications for investors, investment management companies and even regulators.