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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.
Details
Subject(s)
Mutual funds
—
Econometric models
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Stocks
—
Econometric models
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Author
Lamont, Owen A.
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Series
Working Paper Series (National Bureau of Economic Research) ; Number ww11526.
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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
Statement on responsible collection description
Princeton University Library aims to describe library materials in a manner that is respectful to the individuals and communities who create, use, and are represented in the collections we manage.
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