Arbeitspapier
Why do mutual funds hold lottery stocks?
We provide evidence regarding mutual funds' motivation to hold lottery stocks. Funds with higher managerial ownership invest less in lottery stocks, suggesting that managers themselves do not prefer such stocks. The evidence instead supports that managers cater to fund investors' preference for such stocks. In particular, funds with more lottery holdings attract larger flows after portfolio disclosure compared to their peers, and poorly performing funds tend to engage in risk shifting by increasing their lottery holdings towards year-ends. Funds' aggregate holdings of lottery stocks contribute to their overpricing.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFR Working Paper ; No. 20-08
- Klassifikation
-
Wirtschaft
Portfolio Choice; Investment Decisions
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- Thema
-
lottery stocks
risk shifting
fund performance
investor flows
stock mispricing
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Agarwal, Vikas
Jiang, Lei
Wen, Quan
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Cologne, Centre for Financial Research (CFR)
- (wo)
-
Cologne
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Agarwal, Vikas
- Jiang, Lei
- Wen, Quan
- University of Cologne, Centre for Financial Research (CFR)
Entstanden
- 2020
Ähnliche Objekte (12)
An Analysis of the Mutual Fund Industry: Mutual Fund Investors, Mutual Fund Managers and Mutual Fund Companies
An analysis of the mutual fund industry : mutual fund investors, mutual fund managers and mutual fund companies
A lottery within a lottery? An Examination of the Distribution of Lottery Funds in England
A lottery within a lottery? An Examination of the Distribution of Lottery Funds in England.
Mutual funds' cost persistence
Essays on Mutual Funds and Fund Managers
Why do retail investors make costly mistakes? An experiment on mutual fund choice
Why do retail investors make costly mistakes? An experiment on mutual fund choice
Three Essays on Mutual Funds
Crowding of international mutual funds
Tournaments in mutual fund families
Window dressing in mutual funds
An Analysis of the Mutual Fund Industry: Mutual Fund Investors, Mutual Fund Managers and Mutual Fund Companies
An analysis of the mutual fund industry : mutual fund investors, mutual fund managers and mutual fund companies
A lottery within a lottery? An Examination of the Distribution of Lottery Funds in England
A lottery within a lottery? An Examination of the Distribution of Lottery Funds in England.
Mutual funds' cost persistence
Essays on Mutual Funds and Fund Managers
Why do retail investors make costly mistakes? An experiment on mutual fund choice
Why do retail investors make costly mistakes? An experiment on mutual fund choice
Three Essays on Mutual Funds
Crowding of international mutual funds
Tournaments in mutual fund families
Window dressing in mutual funds
An Analysis of the Mutual Fund Industry: Mutual Fund Investors, Mutual Fund Managers and Mutual Fund Companies
An analysis of the mutual fund industry : mutual fund investors, mutual fund managers and mutual fund companies
A lottery within a lottery? An Examination of the Distribution of Lottery Funds in England
A lottery within a lottery? An Examination of the Distribution of Lottery Funds in England.
Mutual funds' cost persistence
Essays on Mutual Funds and Fund Managers
Why do retail investors make costly mistakes? An experiment on mutual fund choice
Why do retail investors make costly mistakes? An experiment on mutual fund choice
Three Essays on Mutual Funds
Crowding of international mutual funds
Tournaments in mutual fund families