Dumb money : mutual fund flows and the cross-section of stock returns / Andrea Frazzini, Owen A. Lamont.

Author
Frazzini, Andrea [Browse]
Format
Book
Language
English
Published/​Created
Cambridge, Massachusetts : National Bureau of Economic Research, 2005.
Description
1 online resource (58 pages) : illustrations.

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Subject(s)
Author
Series
Working Paper Series (National Bureau of Economic Research) ; Number ww11526. [More in this series]
Summary note
We use mutual fund flows as a measure for individual investor sentiment for different stocks, and find that high sentiment predicts low future returns at long horizons. Fund flows are dumb money - by reallocating across different mutual funds, retail investors reduce their wealth in the long run. This dumb money effect is strongly related to the value effect. High sentiment also is associated high corporate issuance, interpretable as companies increasing the supply of shares in response to investor demand.
Source of description
Description based on publisher supplied metadata and other sources.
Doi
  • 10.3386/w11526
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