Matches in SemOpenAlex for { <https://semopenalex.org/work/W4234811290> ?p ?o ?g. }
Showing items 1 to 65 of
65
with 100 items per page.
- W4234811290 abstract "Mutual fund portfolio turnover ratios (PTR) are at the center of the short-termism debate, which criticizes corporate maneuvers taken to prop up near-term earnings at the expense of long-term, value focused investments and policies. Scholars and policymakers often rely on portfolio turnover ratios to argue that mutual fund short-termism, as measured by the PTR, is increasing and infecting operating company time horizons. This article answers two main questions central to discerning mutual funds’ role in the short-termism debate. The first is, how long, on average do U.S. registered mutual funds hold onto their assets? The second is, how good of a measure is the PTR at approximating mutual fund holding patterns in light of criticisms that the PTR is an indirect measure, does not reflect fund flows, and excludes investment strategy considerations?Using a unique data set of U.S. registered mutual funds from 2005–15, this Article finds that mutual fund investment time horizons, as measured by portfolio turnover ratios, did not decline during 2005–15. This finding holds for all major categories of mutual funds, including index funds and actively managed funds and produced an average holding period in the range of fifteen to seventeen months. Based on this analysis, scholars and policymakers may think of mutual fund investment time horizons as short, but not shortening. These findings are confirmed by three alternative measurements of time horizons: Duration, Churn Rates, and Modified Portfolio Turnover. Consistent across-measure results mitigate PTR criticisms as a rough estimate of time horizons and endorse its continued use in SEC reporting. These observations also validate policymakers’ and scholars’ use of mutual fund PTRs in legal and policy debates, and contribute current, empirical evidence adding nuance to claims of mutual fund short-termism.Citation: Anne M. Tucker, The Long and the Short: Portfolio Turnover Ratios & Mutual Fund Investment Time Horizons, 43 J. Corp. L. 581 (2018)." @default.
- W4234811290 created "2022-05-12" @default.
- W4234811290 creator A5091305396 @default.
- W4234811290 date "2018-05-07" @default.
- W4234811290 modified "2023-09-24" @default.
- W4234811290 title "The Long and the Short: Portfolio Turnover Ratios & Mutual Fund Investment Time Horizons" @default.
- W4234811290 doi "https://doi.org/10.31228/osf.io/gvt6a" @default.
- W4234811290 hasPublicationYear "2018" @default.
- W4234811290 type Work @default.
- W4234811290 citedByCount "1" @default.
- W4234811290 countsByYear W42348112902022 @default.
- W4234811290 crossrefType "posted-content" @default.
- W4234811290 hasAuthorship W4234811290A5091305396 @default.
- W4234811290 hasBestOaLocation W42348112902 @default.
- W4234811290 hasConcept C10138342 @default.
- W4234811290 hasConcept C106159729 @default.
- W4234811290 hasConcept C144133560 @default.
- W4234811290 hasConcept C148809678 @default.
- W4234811290 hasConcept C155301685 @default.
- W4234811290 hasConcept C162324750 @default.
- W4234811290 hasConcept C17738144 @default.
- W4234811290 hasConcept C183582576 @default.
- W4234811290 hasConcept C206757995 @default.
- W4234811290 hasConcept C2777064782 @default.
- W4234811290 hasConcept C2780821815 @default.
- W4234811290 hasConcept C34375142 @default.
- W4234811290 hasConcept C39389867 @default.
- W4234811290 hasConcept C556758197 @default.
- W4234811290 hasConcept C6243943 @default.
- W4234811290 hasConcept C64589626 @default.
- W4234811290 hasConcept C84355842 @default.
- W4234811290 hasConceptScore W4234811290C10138342 @default.
- W4234811290 hasConceptScore W4234811290C106159729 @default.
- W4234811290 hasConceptScore W4234811290C144133560 @default.
- W4234811290 hasConceptScore W4234811290C148809678 @default.
- W4234811290 hasConceptScore W4234811290C155301685 @default.
- W4234811290 hasConceptScore W4234811290C162324750 @default.
- W4234811290 hasConceptScore W4234811290C17738144 @default.
- W4234811290 hasConceptScore W4234811290C183582576 @default.
- W4234811290 hasConceptScore W4234811290C206757995 @default.
- W4234811290 hasConceptScore W4234811290C2777064782 @default.
- W4234811290 hasConceptScore W4234811290C2780821815 @default.
- W4234811290 hasConceptScore W4234811290C34375142 @default.
- W4234811290 hasConceptScore W4234811290C39389867 @default.
- W4234811290 hasConceptScore W4234811290C556758197 @default.
- W4234811290 hasConceptScore W4234811290C6243943 @default.
- W4234811290 hasConceptScore W4234811290C64589626 @default.
- W4234811290 hasConceptScore W4234811290C84355842 @default.
- W4234811290 hasLocation W42348112901 @default.
- W4234811290 hasLocation W42348112902 @default.
- W4234811290 hasOpenAccess W4234811290 @default.
- W4234811290 hasPrimaryLocation W42348112901 @default.
- W4234811290 hasRelatedWork W16303150 @default.
- W4234811290 hasRelatedWork W17295325 @default.
- W4234811290 hasRelatedWork W17940750 @default.
- W4234811290 hasRelatedWork W27844048 @default.
- W4234811290 hasRelatedWork W34481540 @default.
- W4234811290 hasRelatedWork W34692587 @default.
- W4234811290 hasRelatedWork W35868570 @default.
- W4234811290 hasRelatedWork W36540611 @default.
- W4234811290 hasRelatedWork W3674750 @default.
- W4234811290 hasRelatedWork W4293530 @default.
- W4234811290 isParatext "false" @default.
- W4234811290 isRetracted "false" @default.
- W4234811290 workType "article" @default.