@article{f47a410c330d408fb46c2eebd54ea56e,
title = "Information and investment under uncertainty",
abstract = "In a model of mutual fund investor learning about managerial ability, we investigate how investment decisions depend on both past returns and non-return information. We show that non-return information affects investors{\textquoteright} reliance on past returns as well as their decision to participate. Our results have important consequences for the relationship between flows of money and past fund performance.",
keywords = "Flow-performance relationship, Investor learning, Mutual funds, Persuasion",
author = "A. Dumitrescu and Javier Gil-Bazo",
note = "Funding Information: The authors are thankful to an anonymous referee for very helpful comments and suggestions. Financial support from the Government of Spain (grants ECO2011-24928 , ECO2014-55488-P , PR2015-00645 , and PR2015-00606 ), the Government of Catalonia (grants 2014-SGR-1079 and 2014-SGR-549 ), Banc Sabadell, and La Caixa Foundation , is gratefully acknowledged. Publisher Copyright: {\textcopyright} 2016 Elsevier B.V.",
year = "2016",
month = nov,
day = "1",
doi = "10.1016/j.econlet.2016.08.043",
language = "English",
volume = "148",
pages = "17--22",
journal = "Economics Letters",
issn = "0165-1765",
publisher = "Elsevier B.V.",
}