Are N+1 heads better than one? The timing and selectivity of Australian-managed investment funds

@article{Prather2001AreNH,
  title={Are N+1 heads better than one? The timing and selectivity of Australian-managed investment funds},
  author={Laurie Prather and Karen L. Middleton and Antony J Cusack},
  journal={Pacific-basin Finance Journal},
  year={2001},
  volume={9},
  pages={379-400}
}
View via Publisher
e-m-h.org
25 Citations
Highly Influential Citations
2
Background Citations
12
Results Citations
2

Figures and Tables from this paper

25 Citations

On timing ability in Australian managed funds

This paper investigates the timing abilities of Australian managed fund managers. To examine timing abilities, the cross-sectional bootstrap approach is adopted to determine whether timing ability is…

To Switch or Not to Switch: The Role of Asset Growth on Fund Management Structure

This paper examines how mutual funds respond to constraints imposed by asset growth. We find a fund’s decision to switch management structure to be largely driven by asset growth. However, we find…

Are two heads better than one? An experiment with novice share traders

We compare the performance of individual and two-person teams in an electronic share-trading task. Trader profits are negatively related to the amount of trader market activity and positively related…

Top Management Turnover: An Examination of Portfolio Holdings and Fund Performance

We examine the performance and portfolio characteristics of actively managed equity funds impacted by top management turnover. Utilizing a unique database of monthly portfolio holdings, our study…

A Study of Analyst-Run Mutual Funds: The Abilities and Roles of Buy-Side Analysts

We assess the abilities and the role of buy-side analysts within mutual fund families by analyzing mutual funds managed by buy-side analysts from fourteen fund families. Buy-side analysts exhibit…

When Should Firms Share Credit with Employees? Evidence from Anonymously Managed Mutual Funds

We study the choice between named and anonymous mutual fund managers. We argue that fund families weigh the benefits of naming managers against the cost associated with their increased future…

Is a Team Different from the Sum of its Parts? Evidence from Mutual Fund Managers

This paper provides the first empirical test of the diversification of opinions theory and the group shift theory using real business data. Our data set covers management teams and single managers of…

The Market Timing Ability of Australian Superannuation Funds: Nonlinearities and Smooth Transition Models

The market timing ability of fund managers remains a major research issue in finance. In the Australian context greater personal responsibility is now required for retirement incomes via…

The Determinants of Mutual Fund Performance: A Cross-Country Study

We use a new data set to study the determinants of the performance of open--end actively managed equity mutual funds in 27 countries. We find that mutual funds underperform the market overall. The…

The Geography of Sub-advisors and its Impact on International Equity Mutual Funds

We study whether sub-advising abroad provides an information advantage that improves the performance of U.S. international equity mutual funds. We find evidence to the contrary. Funds that hire…

References

SHOWING 1-10 OF 69 REFERENCES

Are N+1 heads better than one?: The case of mutual fund managers

Market Timing, Selectivity, and Mutual Fund Performance: An Empirical Investigation

This article empirically examines market timing and selectivity performance of a sample of mutual funds. It uses a very simple regression technique to separate stock selection ability from timing…

An examination of Australian equity trusts for selectivity and market timing performance

New evidence on timing and security selection skill of mutual funds

+ '0 his paper empirically examines market tim!= ing and selectivity performance of a sample of mutual fund managers. Most past studies have found little evidence of superior manager performance .'…

Evaluating managed fund performance using conditional measures: Australian evidence

An individual level analysis of the mutual fund investment decision

This study investigates the manner in which consumers make investment decisions for mutual funds. Investors report that they consider many nonperformance related variables. When investors are grouped…

Market Timing and Mutual Fund Performance: An Empirical Investigation

The evaluation of investment performance is of importance for allocating investment funds efficiently and setting appropriate management fees. Because actively managed mutual funds are an important…

Behavioral Finance and Its Implications for Stock-Price Volatility

An increasing number of academic and professional articles are being published about research on and potential applications of behavioral finance. This article offers a more complete picture of the…

Are Some Mutual Funds Managers Better than Others? Cross-Sectional Patterns in Behavior and Performance

In this paper we explore cross-sectional differences in the behavior and performance of mutual fund managers. In our simplest regression of a fund's market excess return on characteristics of its…

Are some mutual fund managers better than others

We examine whether mutual fund performance is related to characteristics of fund managers that may indicate ability, knowledge, or effort. In particular, we study the relationship between performance…
...