Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 15, 2010 erstellt
Description:
Are the behavioral biases of fund managers affected by capital flows? This paper examines the relationship between fund flows and the disposition behavior of fund managers. The disposition biases of fund managers are significantly negatively correlated with unexpected fund flows, but insignificantly correlated with expected fund flows. Additionally, funds embedded with higher capital gains tax overhang tend to have managers with lower disposition biases. Further evidence shows that fund performance is influenced more by the flow-induced rather than the non-flow-induced disposition behavior of fund managers