FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W4313365572> ?p ?o ?g. }

• W4313365572 abstract "Purpose This study aims to determine whether the stock holdings of equity mutual funds are informative for predicting future stock performance in the Chinese market. It is a puzzle that actively managed mutual funds underperform passive benchmarks, whereas retail investors still delegate investment decisions to the fund managers. The present study sheds light on whether mutual fund managers possess security selection skills in their top ten holdings. Design/methodology/approach By regression analysis and portfolio sorting, this study focuses on 830 Chinese A-share stocks in the industry research reports from the Guotai Junan Securities Company. It collects mutual fund's top ten holdings data from the Wind Financial Terminal between 2019Q1 and 2021Q1. As robustness checks, the result holds for the fixed-effect model, an additional measure of ranks in the top ten holdings, the predictability test based on the confusion matrix and two stage least square (2SLS) regression. Findings The authors find that the top ten holdings by equity mutual funds are informative for predicting stock performance and can provide valuable information for investors to support their decision-making. Practical implications The findings of this study provide insightful guidance for retail investors in making investment decisions and support the hypothesis that active fund management adds value. Originality/value Firstly, the authors find that the top ten holdings of Chinese mutual funds show significantly positive signals for future stock excess returns, indicating the selection skills of fund managers. Secondly, the above positive relationship exhibits a diminishing marginal effect with more funds holding this stock. Thirdly, the authors find that the predictability horizon of the number of overweighing funds is up to three quarters and then diminishes in the fourth quarter. Finally, investors have a 59% prediction accuracy for the whole stock sample and an 85% precision conditional on the predicted positive subsample to outperform the market. The authors also address the endogeneity and reverse causality issues." @default.
• W4313365572 created "2023-01-06" @default.
• W4313365572 creator A5012262683 @default.
• W4313365572 creator A5064010740 @default.
• W4313365572 date "2022-12-30" @default.
• W4313365572 modified "2023-09-26" @default.
• W4313365572 title "The informativeness of the top holdings of Chinese equity mutual funds" @default.
• W4313365572 cites W155205468 @default.
• W4313365572 cites W1566359812 @default.
• W4313365572 cites W1602270066 @default.
• W4313365572 cites W1663477751 @default.
• W4313365572 cites W1956164462 @default.
• W4313365572 cites W1969059645 @default.
• W4313365572 cites W1987420550 @default.
• W4313365572 cites W1995834279 @default.
• W4313365572 cites W1999721170 @default.
• W4313365572 cites W2011989606 @default.
• W4313365572 cites W2012301648 @default.
• W4313365572 cites W2028350485 @default.
• W4313365572 cites W2043541271 @default.
• W4313365572 cites W2045841053 @default.
• W4313365572 cites W2047803175 @default.
• W4313365572 cites W2069257641 @default.
• W4313365572 cites W2070485212 @default.
• W4313365572 cites W2099227715 @default.
• W4313365572 cites W2136120210 @default.
• W4313365572 cites W2143173505 @default.
• W4313365572 cites W2163685283 @default.
• W4313365572 cites W2169645335 @default.
• W4313365572 cites W2169786125 @default.
• W4313365572 cites W2178609852 @default.
• W4313365572 cites W2577731500 @default.
• W4313365572 cites W2604640894 @default.
• W4313365572 cites W2794312491 @default.
• W4313365572 cites W2811040671 @default.
• W4313365572 cites W2834155304 @default.
• W4313365572 cites W2882988462 @default.
• W4313365572 cites W2890136464 @default.
• W4313365572 cites W2986392082 @default.
• W4313365572 cites W3121148588 @default.
• W4313365572 cites W3121551929 @default.
• W4313365572 cites W3121581126 @default.
• W4313365572 cites W3122389145 @default.
• W4313365572 cites W3122605767 @default.
• W4313365572 cites W3122796383 @default.
• W4313365572 cites W3122935760 @default.
• W4313365572 cites W3123197064 @default.
• W4313365572 cites W3123700708 @default.
• W4313365572 cites W3123787221 @default.
• W4313365572 cites W3123902573 @default.
• W4313365572 cites W3124312708 @default.
• W4313365572 cites W3124640994 @default.
• W4313365572 cites W3124669471 @default.
• W4313365572 cites W3124892424 @default.
• W4313365572 cites W3125496416 @default.
• W4313365572 cites W3125895075 @default.
• W4313365572 cites W3195678365 @default.
• W4313365572 cites W4237239309 @default.
• W4313365572 cites W4251135403 @default.
• W4313365572 cites W3124577570 @default.
• W4313365572 doi "https://doi.org/10.1108/ijoem-04-2022-0553" @default.
• W4313365572 hasPublicationYear "2022" @default.
• W4313365572 type Work @default.
• W4313365572 citedByCount "0" @default.
• W4313365572 crossrefType "journal-article" @default.
• W4313365572 hasAuthorship W4313365572A5012262683 @default.
• W4313365572 hasAuthorship W4313365572A5064010740 @default.
• W4313365572 hasConcept C10138342 @default.
• W4313365572 hasConcept C11393971 @default.
• W4313365572 hasConcept C127413603 @default.
• W4313365572 hasConcept C144133560 @default.
• W4313365572 hasConcept C155301685 @default.
• W4313365572 hasConcept C17744445 @default.
• W4313365572 hasConcept C183582576 @default.
• W4313365572 hasConcept C189188589 @default.
• W4313365572 hasConcept C199539241 @default.
• W4313365572 hasConcept C199728807 @default.
• W4313365572 hasConcept C204036174 @default.
• W4313365572 hasConcept C206757995 @default.
• W4313365572 hasConcept C2777064782 @default.
• W4313365572 hasConcept C34375142 @default.
• W4313365572 hasConcept C39389867 @default.
• W4313365572 hasConcept C64589626 @default.
• W4313365572 hasConcept C74514629 @default.
• W4313365572 hasConcept C78519656 @default.
• W4313365572 hasConcept C84355842 @default.
• W4313365572 hasConceptScore W4313365572C10138342 @default.
• W4313365572 hasConceptScore W4313365572C11393971 @default.
• W4313365572 hasConceptScore W4313365572C127413603 @default.
• W4313365572 hasConceptScore W4313365572C144133560 @default.
• W4313365572 hasConceptScore W4313365572C155301685 @default.
• W4313365572 hasConceptScore W4313365572C17744445 @default.
• W4313365572 hasConceptScore W4313365572C183582576 @default.
• W4313365572 hasConceptScore W4313365572C189188589 @default.
• W4313365572 hasConceptScore W4313365572C199539241 @default.
• W4313365572 hasConceptScore W4313365572C199728807 @default.
• W4313365572 hasConceptScore W4313365572C204036174 @default.
• W4313365572 hasConceptScore W4313365572C206757995 @default.
• W4313365572 hasConceptScore W4313365572C2777064782 @default.
• W4313365572 hasConceptScore W4313365572C34375142 @default.

• next