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Mutual Fund Performance and Performance Persistence

The Impact of Fund Flows and Manager Changes

  • Authors
  • Peter Lückoff
Book

Table of contents

  1. Front Matter
    Pages i-xxiv
  2. Introduction

    1. Peter Lückoff
      Pages 1-10
  3. Delegated Portfolio Management

    1. Peter Lückoff
      Pages 11-75
    2. Peter Lückoff
      Pages 77-133
  4. Investment Performance

    1. Peter Lückoff
      Pages 135-242
    2. Peter Lückoff
      Pages 243-326
  5. Empirical Study

    1. Peter Lückoff
      Pages 327-346
    2. Peter Lückoff
      Pages 347-408
  6. Back Matter
    Pages 509-588

About this book

Introduction

Superior investment performance is the ultimate objective of mutual fund investors. However, past fund performance is no reliable indicator of future performance. Peter Lückoff 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.

Keywords

Bayesian econometrics agency conflicts asset management capacity constraints factor models

Bibliographic information

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