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1.See the October 2001 report “Trends in Mutual Fund Investing” by the Investment Company Institute.
2.Russ Wermers, 2000, “Mutual Fund Performance: An Empirical Decomposition into Stock-Picking Talent, Style, Transaction Costs, and Expenses,” Journal of Finance, 55(4), pp. 1655–1695.
3.Hsiu-Lang Chen, Narasimhan Jegadeesh, and Russ Wermers, 2000, “The Value of Active Mutual Fund Management: An Examination of the Stockholdings and Trades of Fund Managers,” Journal of Financial and Quantitative Analysis, 35(3), pp. 343–368.
4.John Nofsinger and Richard Sias, 1999, “Herding and Feedback Trading by Institutional and Individual Investors,” Journal of Finance, 54(6), pp. 2263–2295.
5.Burton Malkiel, 1995, “Returns from Investing in Equity Mutual Funds 1971 to 1991,” Journal of Finance, 50(2), pp. 549–572.
6.John Chalmers, Roger Edelen, and Gregory Kadlec, 2001, “Fund Returns and Trading Expenses: Evidence on the Value of Active Fund Management,” University of Oregon working paper, October.
7.Burton Malkiel; see note 5.
8.Mark Carhart, 1997, “On Persistence in Mutual Fund Performance,” Journal of Finance, 52(1), pp. 57–82.
9.Rob Wells, 1994, “Regulators OK Ad Guidelines for Mutual Funds,” Boston Globe, July 14, p. 58.
10.Prem Jain and Joanna Shuang Wu, 2000, “Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows,” Journal of Finance, 55(2), pp. 937–958.
11.Aaron Lucchetti and Pui-Wing Tam, 2000, “What's the Date? It's Key in Funds' Ads,” The Wall Street Journal, April 26, p. C1.
12.Erik Sirri and Peter Tufano, 1998, “Costly Search and Mutual Fund Flows,” Journal of Finance, 53(5), pp. 1589–1622.
13.David Franecki, 2000, “Fund Ratings and Recent Results Diverge,” The Wall Street Journal, May 3, p. C27.
14.Judith Chevalier and Glenn Ellison, 1997, “Risk Taking by Mutual Funds as a Response to Incentives,” Journal of Political Economy, 105(6), pp. 1167–1200.
15.Keith Brown, W. V. Harlow, and Laura Starks, 1996, “Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry,” Journal of Finance, 51(1), pp. 85–110.
16.Judith Chevalier and Glenn Ellison; see note 14.
17.Diane Del Guercio and Paula Tkac, 2001, “Star Power: The Effect of Morningstar Ratings on Mutual Fund Flows,” Federal Reserve Bank of Atlanta working paper 2001–2015, August.
18.Christopher Blake and Matthew Morey, 2000, “Morningstar Ratings and Mutual Fund Performance,” Journal of Financial and Quantitative Analysis, 35(3), pp. 451–483.
19.Mark Warshawsky, Mary DiCariantonio, and Lisa Mullan, 2000, “The Persistence of Morningstar Ratings,” Journal of Financial Planning, September, pp. 110–128.



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