Peter Lückoff

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This paper explains the lack of long-term performance persistence of actively managed U.S. equity mutual funds in terms of two equilibrating mechanisms: fund flows and manager changes. We find that fund flows and manager changes independently affect the future performance of past outperforming (winner) funds, while the performance of past underperforming(More)
We empirically investigate the impact of fund flows and managerial turnover on the investment performance of active equity mutual funds. Fund flows have been suggested by Berk and Green (2004) as mechanism that prevents performance persistence. We propose managerial turnover as an alternative explanation. One the one hand, withdrawing money from loser funds(More)
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