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Mutual Funds (Carhart (1997) (Do managers have skill? (Otten and Bams…
Mutual Funds
Carhart (1997)
Performance persistent in the short-term?
Why can past-winner fund generate persistent performance?
Do managers have skill?
Otten and Bams (2002)
Cutherbertson et al. (2008)
Types of Mutual Fund
Open-end Fund
Closed-end Fund
Discount Puzzle
Rational Explanation
Agency Costs
illiquidity
Behavioural Explanation - Noise
Gemmill and Thomas (2002)
Fund Flow
Jain and Wu (2000)
Why advertise?
Signal
Attract Money
Will more money fly to the advertisement fund?