Information and investment under uncertainty

A. Dumitrescu; Javier Gil-Bazo

doi:10.1016/j.econlet.2016.08.043

Information and investment under uncertainty

A. Dumitrescu^*
, Javier Gil-Bazo

^*Autor corresponent d’aquest treball

Producció científica: Article en revista indexada › Article › Avaluat per experts

1 Citació (Scopus)

Resum

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’ 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.

Idioma original	Anglès
Pàgines (de-a)	17-22
Nombre de pàgines	6
Revista	Economics Letters
Volum	148
DOIs	https://doi.org/10.1016/j.econlet.2016.08.043
Estat de la publicació	Publicada - 1 de nov. 2016
Publicat externament	Sí

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@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.",

}

TY - JOUR

T1 - Information and investment under uncertainty

AU - Dumitrescu, A.

AU - Gil-Bazo, Javier

N1 - 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: © 2016 Elsevier B.V.

PY - 2016/11/1

Y1 - 2016/11/1

N2 - 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’ 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.

AB - 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’ 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.

KW - Flow-performance relationship

KW - Investor learning

KW - Mutual funds

KW - Persuasion

UR - https://www.scopus.com/pages/publications/84988643121

U2 - 10.1016/j.econlet.2016.08.043

DO - 10.1016/j.econlet.2016.08.043

M3 - Article

AN - SCOPUS:84988643121

SN - 0165-1765

VL - 148

SP - 17

EP - 22

JO - Economics Letters

JF - Economics Letters

ER -

Information and investment under uncertainty

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