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- W1524954803 abstract "Empirically, mutual fund flows depend on past performance. It is unclear, however, whether this behavior is rational. Using the experimental approach we analyze behavior without confronting measurement problems of real data. We detect two anomalies: Absolute Performance Effect -- investors' tendency to delegate money to a fund increases with performance, even when performance is uninformative; and Relative Performance Effect -- investors' tendency to delegate money to the fund decreases with the performance of other funds, even when their performance attributed to luck per-se. We suggest two alternatives to expected utility: Subjective Conditional Probability -- the probabilities assigned by investors to future events differ from the Bayesian posterior; and Subjective Risk Aversion -- the utility function is history dependent." @default.
- W1524954803 created "2016-06-24" @default.
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- W1524954803 date "2000-01-01" @default.
- W1524954803 modified "2023-09-23" @default.
- W1524954803 title "On Absolute and Relative Performance and the Demand for Mutual Funds - Experimental Evidence" @default.
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- W1524954803 doi "https://doi.org/10.2139/ssrn.201848" @default.
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